• Duncan Cooper , Senior Market Strategist & Trading Mentor at ACY Securities


• 17.08.2021 08:45 am
undisclosed

Overview:

Watch the video for a summary of this week’s news releases and a complete Top Down Analysis of the AUDJPY. In this video I give you an update on the downtrend that has been developing over the last two months. Review my previous analysis here.

AUDJPY Monthly:

Monthly support at 78.46, resistance at 84.53.

Monthly trend remains up, but the lower time frame trends are down.

AUDJPY Weekly:

Weekly support at 79.83 and 79.19, resistance at 82.28.

Price closed on its low last week suggesting a further decline this week. Price during Monday’s trading has broken below last week’s low confirming a further lower top.

AUDJPY Daily:

Daily support at 80.14, resistance at 80.70 and 81.57.

After a period of consolidation price has broken below two higher bottoms changing the immediate trend to down. Price may rally back up to the 81.00 to 81.57 daily resistance area offering an ideal opportunity to sell for the next decline in line with the current downtrend.

Long term target for this decline is monthly support at 78.46.

Analysis written by Duncan Cooper, Senior Market Strategist & Trading Mentor.