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AUD/JPY rebounds from daily lows, eyes 111.70 for bullish breakout

  • AUD/JPY falls 0.63% to 110.89 after rebounding from 109.53 low.
  • Break above 111.70 targets 112.09 YTD high, then 112.50.
  • Drop below 110.00 exposes 109.79 (20-day SMA) and 108.80 support.

The AUD/JPY trims some of its earlier but is ending the session on a normal note, down 0.63%, after bouncing off daily lows below the 111.00 figure. At the time of writing, the cross-pair trades at 110.89.

AUD/JPY Price Forecast: Technical outlook

Volatility drove price action within a wide-trading range ─of 250 pips or 2%, on Tuesday as the Middle East conflict favored a flight to safety. Hence, the Japanese Yen appreciated versus the Aussie Dollar.

Despite turning mildly bearish during the day and reaching a daily low of 109.53, the AUD/JPY pair recovered, ending past the 110.50 figure, above the February 9 daily high of 110.79.

For a bullish continuation, the pair needs to clear the previous yearly high of 111.70 ahead of challenging the current yearly high of 112.09. Once cleared the next stop would be 112.50 ahead of 113.00.

On the downside, if the AUD/JPY dives below 110.00, it opens the door to test the 20-day SMA at 109.79. A breach of the latter will expose the February 23 daily low of 108.80.

AUD/JPY Price Chart – Daily

AUD/JPY Daily Chart

Japanese Yen Price This week

The table below shows the percentage change of Japanese Yen (JPY) against listed major currencies this week. Japanese Yen was the strongest against the Swiss Franc.

USDEURGBPJPYCADAUDNZDCHF
USD1.33%0.50%1.01%0.24%0.23%1.14%1.85%
EUR-1.33%-0.84%-0.35%-1.07%-1.09%-0.18%0.53%
GBP-0.50%0.84%0.29%-0.25%-0.28%0.66%1.39%
JPY-1.01%0.35%-0.29%-0.70%-0.72%0.22%0.95%
CAD-0.24%1.07%0.25%0.70%-0.05%0.93%1.64%
AUD-0.23%1.09%0.28%0.72%0.05%0.91%1.66%
NZD-1.14%0.18%-0.66%-0.22%-0.93%-0.91%0.74%
CHF-1.85%-0.53%-1.39%-0.95%-1.64%-1.66%-0.74%

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Japanese Yen from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent JPY (base)/USD (quote).

Author

Christian Borjon Valencia

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

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