AUD/JPY: Be Ready to Buy a Break Above 93

www.investing.com/analysis/audjpy-be-ready-to-buy-a-break-above-93-200634765

By Jason Sen | Jan 27, 2023 04:45AM ET

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AUD/USD we will stick with buying at support until it looks like we have a sell signal. Good support at 7065/60 (although we did not reach here yesterday). Longs need stops below 7045. We are targeting 7115/20, then 7160/65.

A break below 7045, however, risks a slide to strong support at 7010/00. Longs need stops below 6985.

NZD/USD trading in a range between my two levels with resistance at the December/ January high at 6515/30 and first support at 6450/40. Longs need stops below 6430. A lower break can target support at 6400/6390. longs need stops below 6375.

Longs at 6450/25 can target 6495 before resistance at 6515/30 again today. Stop above 6850. A break higher is a buy signal. Use 6530/20 then as support, targeting 6610/20.

AUD/JPY longs at 9200/9180 worked perfectly as we held a low of 9160 after the bullish breakout buy signal, and we shot higher to my target of 9280/9300 for a quick 80 pip profit. We can try this trade again today.

Be ready to buy a break above 9300, looking for 9400 for profit taking.

USD/JPY shorts at first resistance at 130.70/90 worked perfectly as the pair quickly collapsed to my target of 129.35/15, although we only reached 129.48 as I write overnight. Still a nice 100 pip profit. A bounce from is possible this morning, but a break below 129.00 can target 128.80, perhaps as far as 128.40/30.

Any recovery meets strong resistance again at 130.70/90. Shorts need to stop above 131.15. A break higher should target 132.40/45, perhaps as far as strong resistance at 132.70/133.00. Shorts need to stop above 133.30.

EUR/JPY is in a 1-month sideways range with upper trend line resistance at 142.60/80 and lower trend line support at 138.40/20. Not much else I can say at this stage.

NZD/JPY shorts at solid resistance at 8460/80 worked ideally this week, hitting my targets of 8400/8390 and 8355/35 for up to 100 pips profit.

A bounce yesterday, as expected, and we met strong resistance again at 8460/80 today. Shorts need stops above 8520. A break (and weekly close for confirmation) above is a buy signal that can target 8590 than 8630.

A break below 8330 risks a slide towards the strong support at the lower end of the range at 8100/8080. Longs need stops below 8050. A break lower is a sell signal initially targeting 7960/40.

EUR/USD struggling to make gains this week as we approach 4-month rising trend line resistance at 1.0980/90 in severely overbought conditions. A break above here, however, is a buy signal targeting 1.1080/90.

Minor support at 1.0870/60, then strong support at 1.0830/10 - longs here today need stops below 1.0800. Targets are 1.0860, 1.0880, and perhaps as far as 1.0910.

USD/CAD breaks short-term trend line support at 1.3340, so holding below is a sell signal, and we can target 1.3230.

EUR/CAD longs at 1.4550/30 were stopped below 1.4510, so holding below resistance at 1.4540/60 targets 1.4490/80, perhaps as far as 1.4430/20.

Shorts need stops above 1.4600.

GBP/USD trades sideways with a spontaneous recovery to 1.2418. Now I must wait to see if we break above 1.2455 for a buy signal for this week.

Or wait for the sideways trend to develop, so I have some tradeable levels.

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marvin concha Jan 28, 2023 12:26PM ET

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Gerald chimbende Jan 27, 2023 7:18AM ET

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AUD/JPY: Be Ready to Buy a Break Above 93

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