Daily Price Action
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AUDJPY Consolidation Finally Coming to an End?

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AUDJPY looks to be breaking down from this consolidation pattern that began one month ago in early February. Before that time, the pair had been in a downtrend since November of last year, losing more than a thousand pips as a result.

Yesterday’s price action appears to have pierced the lower support level that extends off the lows from February 5th.

The chart below shows a possible target for a short setup.

AUDJPY monthly chart:

AUDJPY monthly forex chart

Be sure to take tomorrow’s NFPs into account when planning any trade going into the weekend as it’s likely to produce increased volatility across the market.

Summary: Watch for bearish rejection on the 4 hour chart at the level shown below. Key support comes in around 90.00. A close back above 93.50 would invalidate the setup.

AUDJPY 4 hour forex chart

GBPJPY analysis

GBPJPY 4 hour forex chart

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