Technical Analysis

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


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