AUDJPY Technical Forecast


Due to the Fed’s upward revision of the inflation outlook, how does the AUDJPY pair trade today? Take a look at the 1 February AUDJPY Technical Forecast to see.

1 February, GKFX – Currently, AUD/JPY is up 0.14 percent at $88.07, largely due to an uptick in the USD/JPY pair and a flat AUD/USD pair.

Key Quotes

  • AUD/JPY mildly bid above 88.00.
  • AUD relatively resilient against USD.
  • But 88.50-87.70 range still intact.

The USD/JPY pair is up 0.13 percent seemingly due to the Fed’s upward revision of the inflation outlook. Meanwhile, the Aussie dollar is relatively resilient, despite a big drop in the building permits (reported earlier today). Thus, the AUD / JPY cross is mildly bid in Asia.

That said, the trading range of 88.50-87.70 is still intact. Considering the double top formation around 89.00, the pair will likely end the trading range with a downside break.

1 February AUDJPY Technical Forecast

A close above 88.50 (upper end of the trading range) would open up upside towards 89.00 (established as strong resistance by multiple daily highs). A violation there could yield 90.30 (Sep. 21 high). On the other hand, a break below 87.70 (lower end of the range) would expose support at 87.46 (Jan. 30 low) and 87.34 (100-day MA).

Disclaimer

This article 1 February AUDJPY Technical Forecast was written by analysts at GKFX. The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.

If such information is acted upon by you then this should be solely at your discretion and GKFX will not be held accountable in any way.

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