….but still up on the day
The AUDJPY is up today…but it was only Friday that the pair reached the lowest levels since November 2016. So let’s not get too excited.
Drilling to the hourly chart below, the price action on Friday stalled near a lower trend line (see red circles). That led to sideways and then a little run higher today. A swing low on Friday reached 78.94. Earlier highs on Friday reached 78.99. We are looking to retest that area. A move below will weaken the mini-run higher today. A move to the red (i.e. below the Friday close at 78.84) would be worse for dip buyers.
We trade at NY session lows. Yes, but the pair is up. Nevertheless, the bullish of the day is at risk to unravel if 78.94-99 and then 78.84 is broken.
If the market stalls the fall and starts higher again, the 38.2% on the hourly chart at 79.40 and then the topside trend line and 100 hour MA at 79.62 (and falling) will be upside targets that would need to be broken to strengthen the bulls case.