AUD/JPY sits above 200-hour MA ahead of Aussie wage growth data. More details on how the pair trades are presented on the 21 February AUDJPY Technical Forecast. Dig in!
21 February, GKFX – The AUD/JPY seems to have formed a base around 84.00 ahead of the Aussie wage growth numbers. The currency pair was last seen trading just above the 200-hour moving average (MA) of 84.60. Over the last two weeks, the sellers have persistently failed to push/keep the pair below 84.00 level.
Further, the daily relative strength index (RSI) diverged in the AUD-positive manner. So, the currency pair looks set for a decent corrective rally.
That said, it all depends on the quality of the Australian Q4 wage growth figures due in about 20 minutes (expected 0.5 percent q/q). A better-than-expected data would add credence to the bullish technical set up and open doors for a move above 85.00. On the other hand, a horribly weak figure could yield a sustained break below 84.00.
21 February AUDJPY Technical Forecast
A break above 84.99 (Feb. 6 low) would open doors for 85.60 (Feb. 13 high). A close above the same would allow for a stronger gain towards 86.56 (200-day MA). On the downside, breach of support at 84.53 (session low) could yield re-test of 84.00 (psychological level), under which a major support is seen at 83.32 (Feb. 14 low).
This article 21 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.
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