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Home ANALYSIS

AUDJPY settles between 100 and 200 hour MAs

A.R Chowdhury by A.R Chowdhury
April 7, 2022
Reading Time: 4 mins read
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AUDJPY

AUDJPY

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The  AUDJPY 
AUD/JPY
AUD/JPY is the currency pair encompassing the Australian dollar of the Commonwealth of Australia (symbol $, code AUD), and the Japanese yen of Japan (symbol ¥, code JPY). The pair’s rate indicates how many Japanese yen are needed in order to purchase one Australian dollar. For example, when the AUD/JPY is trading at 85.00, it means 1 Australian dollar is equivalent to 85 Japanese yen. The Australian Dollar (AUD) is the world’s fifth most traded currency, whilst the Japanese yen (JPY) is the world’s third most traded currency, resulting in a rather liquid pair. Whilst the spreads of currency pairs vary from broker to broker, generally speaking the AUD/JPY often stays within the 1 pip to 3 pip spread range.  Important news announcements for this pair include the Westpac Leading Index for Australia. This tracks the growth of a combined index that considers nine barometers of economic activity, and the Jobless Rate for Japan, which measures the percentage of unemployed in the country.Additionally, both countries are highly developed free markets, with a significant amount of their economies relying on exports.How to Trade the AUD/JPYThe AUD/JPY isn’t the most volatile of pairs, with daily ranging typically between 50 and 150 pips. It’s also highly positively correlated with other pairs such as the NZD/JPY.Despite the fact that the AUD/JPY is a combination of some of the developed world’s biggest economies, this pair is not exceedingly popular amongst traders.The AUD/JPY is widely used as a carry trade pair. Those that do trade the AUD/JPY however, are very fervent in praising its potential as a viable trading currency cross.This is thanks to its adherence to a plethora of technicals, primarily support and resistance, Fibonacci, pivots and trendlines.
AUD/JPY is the currency pair encompassing the Australian dollar of the Commonwealth of Australia (symbol $, code AUD), and the Japanese yen of Japan (symbol ¥, code JPY). The pair’s rate indicates how many Japanese yen are needed in order to purchase one Australian dollar. For example, when the AUD/JPY is trading at 85.00, it means 1 Australian dollar is equivalent to 85 Japanese yen. The Australian Dollar (AUD) is the world’s fifth most traded currency, whilst the Japanese yen (JPY) is the world’s third most traded currency, resulting in a rather liquid pair. Whilst the spreads of currency pairs vary from broker to broker, generally speaking the AUD/JPY often stays within the 1 pip to 3 pip spread range.  Important news announcements for this pair include the Westpac Leading Index for Australia. This tracks the growth of a combined index that considers nine barometers of economic activity, and the Jobless Rate for Japan, which measures the percentage of unemployed in the country.Additionally, both countries are highly developed free markets, with a significant amount of their economies relying on exports.How to Trade the AUD/JPYThe AUD/JPY isn’t the most volatile of pairs, with daily ranging typically between 50 and 150 pips. It’s also highly positively correlated with other pairs such as the NZD/JPY.Despite the fact that the AUD/JPY is a combination of some of the developed world’s biggest economies, this pair is not exceedingly popular amongst traders.The AUD/JPY is widely used as a carry trade pair. Those that do trade the AUD/JPY however, are very fervent in praising its potential as a viable trading currency cross.This is thanks to its adherence to a plethora of technicals, primarily support and resistance, Fibonacci, pivots and trendlines.
 Read this Term moved up to test the cycle highs and highest levels going back to 2015 on Tuesday and Wednesday, but fell short of the high from last week at 94.327. The highs reached 94.16 and 94.136 respectively. That led to some selling into the close yesterday and a further move lower today.

The move to the downside today, did find some support buying near the 200 hour MA (green line) at 92.38. Since then, there have been some ping-pong action between the 100 hour MA above (blue line) at 92.98 and the 200 hour MA below at 92.38. The current price is at 92.72.

The market is awaiting the next shove one way or the other.

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A.R Chowdhury

A.R Chowdhury

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