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AUD/JPY: Chart Of The Day

Published 08/06/2020, 06:27 PM
Updated 07/09/2023, 06:31 AM
Technically, AUD/JPY has a lot of support. Once again, we are approaching highs from June and July, which also match the highs from December 2019. Roughly, 76.75 is the horizontal resistance to watch. The support is a trendline from back in April that comes in near this week's lows at the 75.20 level. Consistent highs and higher lows make up a bullish wedge. My biggest issues with the AUD/JPY is that stocks are very elevated, and the AUD/JPY and equities have a fairly strong correlation. In addition, the AUD DSI (daily sentiment index) reads 90, which is extreme. That makes me nervous being too bullish. 

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