AUD/JPY retesting historic key level

Avatar
8 September 2021 | Updated: 8 September 2021

Key Resistance: 82.00
Key Support: 80.50 – 79.50 78.00

The AUD/JPY has been in a big rally (up 5.32% from August lows) but the overall structure in this market is very much bearish. If we look at the highs printed on May 10th to the lows printed on August 21st the AUD has declined -9.26% against the Yen.

The rally from the past couple of weeks is a 50% pullback from the entire bearish move. More so, it’s also a 61.8% pullback from July highs-to-August lows AND a 113% pullback of the entire August range. We have a Fibonacci cluster here.

We can also see price retesting the 82.00 level, which has been historically strong and this is the first retest of this level since it was broken back in July 15th.

My short position here follows the rationale of JPY strength AND USD strength. The USD rallying at the moment is bearish for the AUD and the JPY bouncing from key support is also bearish for the AUDJPY.

Double whammy.

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
Share with other traders!