AUD/JPY Weekly outlook 19 March – 23 March
Last week our analysis for the AUD/JPY recommended waiting for a 50% retracement of the weekly candle before entering a long. The pair did indeed retrace 50% of last week’s price before pushing back higher.
Importantly, we mentioned a break and close above 88.00 could lead to further gains. Last Friday saw the market breaking, holding and closing above 88.00 which the pair has been unable to do for quite some time now.
With the Yen expected to continue to weaken, we’ll be continuing to hold our current long position, with an initial target in mind at 90.00 which is the next level of resistance the pair may face. Traders who were unable to enter last week’s trade may look to enter on the lower timeframes if/when the market retrace’s to the 88.00 level.
