AUDJPY at fresh cycle highs


As stocks are rising to new record highs each day and sentiment remains extremely bullish, the JPY crosses are also bid and in bullish trends.

On Thursday, the AUDJPY cross was up half a percent, trading at fresh cycle highs around 77.00.

Previous highs are near 76.80, and as long as the Aussie remains above them, the short-term outlook appears bullish (but also the medium and long-term trends seem bullish). 

The next medium-term target could be at the psychological level of 80.0. However, before then, the cross needs to conquer a stronger selling zone of previous lows at around 77.60.

Alternatively, should sentiment worsen, and the price declines back below 76.80, we could see an immediate drop to 76.45, which will be another major support. 

Volatility is expected to be elevated throughout the day as Jerome Powell gives a speech in Jackson Hole, which will most likely influence the financial markets. 
Cookie Policy: The Axiory website uses cookies and by continuing using the website you consent to this. Risk Warning: Trading leveraged products such as Forex and CFDs may not be suitable for all investors as they carry a high degree of risk to your capital. Please read the full Privacy Policy.