Hey folks, it’s a wrap to yet another month in the 2023 calendar, and I’m guessing you know what that means - time for another episode in the “What To Trade” series. For December, I will be mapping out trade more cautiously as the market volatility often drops
Trade setups for AUD/JPY
2020-05-21 • Updated
It’s worth paying attention to AUD/JPY. The pair has approached the resistance line connecting April and May highs. Bullish momentum has recently declined; we can see that the Awesome Oscillator doesn’t confirm price highs. On the upside, the obstacle lies at 71.35. AUD/JPY needs to break higher in order to gain ability to get to 72.10 (200-day MA). On the downside, we see significant support at 70.45 (100-day MA) and 70.15 (previous highs). Below this point, targets will be at 69.70 and 69.20.
Overall, the pair can make another attempt to test 71.20/35 area and then turn to the mentioned support levels.
Trade ideas for AUD/JPY
BUY 71.45; TP 72.00; SL 71.30
SELL 71.00; TP1 70.45; TP2 69.70; SL 71.25
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