AUD/JPY Price Analysis: Bulls in charge from the get-go, bears look to weekly target

AUD/JPY bulls clinch an early bid to the start of the week.
Swing traders focus on the downside from the resistance area.

Ross J Burland FXStreet

As per the analysis from the start of this week's, The Watch List: Gold, USD/JPY, AUD/USD, EUR crosses and many more, AUD/JPY, as expected, has run to the target for a 1:2 risk to reward return.

Prior analysis, hourly and 15-min charts

Live market, target achieved

Meanwhile, looking forward, the price is testing a resistance zone on the monthly chart and a correction of sorts would be expected at this juncture:

There is some way to go on the monthly to structure, but the weekly offers a critical support level at 80.92 which meets a 61.8% Fibo:

On the way there, there are a couple of layers of daily structure to clear:

The charts can be monitored from a 4-hour perspective for bearish conditions and an optimal entry to the weekly target.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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