Chart of the day: AUD/JPY

Blake Morrow Forex Analytix

AUDJPY is at key resistance!

The AUDJPY hit major resistance and rejected it today. The high today was 97.84, and the 38% retracement of the move lower since the July high to August lows is at 97.55. Also, the underside of the broken trend line (from 2020) was hit today as well.

While below the 98.00 level the risk is for a move back towards the low 90’s and possibly retest the lows near 90.12.

The Yen has been in focus the last several weeks by not only currency traders, but the whole world is focused on the major “unwind” of the popular carry trade the last couple weeks.

Author

Blake Morrow

Forex Analytix

Blake Morrow spent most of his professional career as the Chief Currency Strategist for Wizetrade group for 15 years, and then the Senior Currency Strategist for Ally Financial after the acquisition of Tradeking which owned the Wizetrade Group.

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