AUD/JPY weekly chart tees up an interesting turnaround

The pair finishes higher on the week

I love a dragon fly doji like the one on the AUD/JPY chart this week.

It’s a classic sign of uncertainty and a potentially violent reversal. The week started with lockdowns in Australia and broad risk aversion but it’s ending with the S&P 500 at all time highs.

The low ticked just below 80.00 and it’s now poised for another big week. I don’t entirely rule out another trip lower but it would take some surprisingly bad covid news or a Fed blunder.

What’s notable is that all the yen cross weekly charts are similarly intriguing.

CAD/JPY is trying to trace out a double bottom at the April low:

CADJPY weekly chart

GBP/JPY is similar but also ticked off a series of old highs from 2018 through 2020 — a suggestion that it’s comfortable in a higher range.

GBPJPY weekly chart

 

Invest in yourself. See our forex education hub.

Technical Analysis

Articles You May Like

USDJPY breaks higher this week and extends above the 38.2% of move down from July 3 high
Gold retreats from record level amid weak global trend, silver trades flat
Swiss Franc Down in Mixed Markets, Kiwi Awaits RBNZ Cut
Hurricane Milton could cause as much as $175 billion in damage, according to early estimates
What I like about the EURGBP chart is…..

Leave a Reply

Your email address will not be published. Required fields are marked *