Press Release: Trade Setups in AUDUSD and USDJPY

Early week focus is on the AUDUSD and USDJPY as per event risk in Japan (rate decision tomorrow) and Australia (RBA minutes tonight).

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Early week focus is on the AUDUSD and USDJPY as per event risk in Japan (rate decision tomorrow) and Australia (RBA minutes tonight).

The USDJPY drop lower last week probably completed a terminal thrust from a triangle. It’s taken just 2 days for the USDJPY to return to the early September high (7903). The target is 8061 (top of triangle). Support is now 7865 and a bullish bias is warranted against last night’s low of 7816.

Several days of congestion are probably underway in the AUDUSD after the test of the August high washed out a crowded group of shorts. Initial support is 10487 but a test of 10400/26 (preferably on a reaction to news tonight) would present an opportunity to buy a dip against 10320 for upside continuation through month end.

USDJPY – Daily Bars

Prepared by Jamie Saettele, CMT

AUDUSD – Daily Bars

Prepared by Jamie Saettele, CMT

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Jamie is the author of Sentiment in the Forex Market.

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This article was provided by DailyFX.com.