AUD/JPY: testing major 89 level: By Mary McNamara

The AUD/JPY is up testing a major S/R zone at 89 and has not made a monthly close above this level since July 2015; a period of two years. Keep an eye out for any new monthly close above this resistance to support a continuation move up to test the monthly chart’s bear triangle trend line above the 95 level.

AUD/JPY monthly: any monthly close above 89 would help to support a move up to test the monthly chart’s bear triangle trend line; near the 95 level which happens to be previous S/R:

AUD/JPY weekly: there are two bullish breakouts in play here at the moment. A bullish triangle breakout worth up to 2,000 pips and a bullish ‘Inverse H&S’ for a similar amount:

AUD/JPY daily: watch for any daily close above 89:

Summary: watch for any weekly, and then monthly, close and hold above the 89 level to support a potential continuation move up to near the 95 region.

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