📈 AUDJPY BUY 📈
💰Take Profit 1 - 94.98
💰Take Profit 2 - 95.48
💰Take Profit 3 - 95.98
❌ Stop loss - 93.18
Technical analysis:
The AUDJPY pair is currently in a bullish trend, and it is currently trading near the bottom of its range. The current spot rate is 94.18, and a buy entry point of 94.18 is just above the recent low of 94.08.
The pair is also trading above its 200-day moving average, which is a bullish signal. The pair is also forming an ascending triangle pattern, which is a continuation pattern that typically leads to a breakout to the upside.
Fundamental analysis:
The Australian dollar is generally seen as a commodity currency, and it has been strengthening against the Japanese yen as concerns about the global economy have subsided.
Second, the Reserve Bank of Australia (RBA) is expected to raise interest rates more quickly than the Bank of Japan (BoJ), which could put upward pressure on the AUD against the JPY.
Finally, the Australian economy is expected to grow more quickly than the Japanese economy in the near term. This is due to a number of factors, including the reopening of the economies after the COVID-19 pandemic and the strong demand for Australian commodities, such as iron ore and coal.
Risks:
There are a few risks to consider before entering a trade on AUDJPY. First, the global economy is still facing some headwinds, such as the war in Ukraine. These headwinds could weigh on risk appetite and lead to a decline in AUDJPY.
Second, the BoJ is also expected to raise interest rates, which could put upward pressure on the Japanese yen.
Finally, the Chinese economy is expected to weaken in the near term due to the ongoing trade tensions with the US. This could put downward pressure on the AUD against the JPY.
💰Take Profit 1 - 94.98
💰Take Profit 2 - 95.48
💰Take Profit 3 - 95.98
❌ Stop loss - 93.18
Technical analysis:
The AUDJPY pair is currently in a bullish trend, and it is currently trading near the bottom of its range. The current spot rate is 94.18, and a buy entry point of 94.18 is just above the recent low of 94.08.
The pair is also trading above its 200-day moving average, which is a bullish signal. The pair is also forming an ascending triangle pattern, which is a continuation pattern that typically leads to a breakout to the upside.
Fundamental analysis:
The Australian dollar is generally seen as a commodity currency, and it has been strengthening against the Japanese yen as concerns about the global economy have subsided.
Second, the Reserve Bank of Australia (RBA) is expected to raise interest rates more quickly than the Bank of Japan (BoJ), which could put upward pressure on the AUD against the JPY.
Finally, the Australian economy is expected to grow more quickly than the Japanese economy in the near term. This is due to a number of factors, including the reopening of the economies after the COVID-19 pandemic and the strong demand for Australian commodities, such as iron ore and coal.
Risks:
There are a few risks to consider before entering a trade on AUDJPY. First, the global economy is still facing some headwinds, such as the war in Ukraine. These headwinds could weigh on risk appetite and lead to a decline in AUDJPY.
Second, the BoJ is also expected to raise interest rates, which could put upward pressure on the Japanese yen.
Finally, the Chinese economy is expected to weaken in the near term due to the ongoing trade tensions with the US. This could put downward pressure on the AUD against the JPY.