Possible Opportunity to Short AUD/JPY | Vantage FX

Possible Opportunity to Short AUD/JPY

December 21, 2016

The last time we featured AUD/JPY and the broader Aussie Dollar, price was trending downward within a textbook descending channel.

We’ve experienced some rather large fundamental changes on both the AUD and JPY side of the currency pair since then and as we know, the Yen has been monumentally hammered. Happy days if you’re Kuroda!

This change is highlighted no better than on the AUD/JPY daily chart:

AUD/JPY Daily:
161221_audjpy_daily
Click on chart to see a larger view.

Zooming into the hourly and we have a clearly defined support/resistance zone that has been respected on both sides, around which we can manage our risk:

AUD/JPY Hourly:
161221_audjpy_hourly
Click on chart to see a larger view.

After defining our in play level on the higher time frame, it is then on the intraday charts where I like to look to take trades. It is on the hourly where I will be looking for a failure out of this zone, and take a short on any pullback into short term resistance.

Keep an eye on the @VantageFX Twitter account and don’t be afraid to share your own chart setups with the trading community.

Do you see opportunity trading AUD/JPY? Open a LIVE forex account with Vantage FX.

Dane Williams – @VantageFX

Risk Disclosure: In addition to the website disclaimer below, the material on this page prepared by Forex broker Vantage FX Pty Ltd does not contain a record of our prices or solicitation to trade. All opinions, forex news, research, tools, prices or other information is provided as general market commentary and marketing communication – not as investment advice. Consequently, any person acting on it does so entirely at their own risk. The expert writers express their personal opinions and will not assume any responsibility whatsoever for the Forex account of the reader. We always aim for maximum accuracy and timeliness, and FX broker Vantage FX shall not be liable for any loss or damage, consequential or otherwise, which may arise from the use or reliance on this service and its content, inaccurate information or typos. No representation is being made that any results discussed within the report will be achieved, and past performance is not indicative of future performance.

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