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AUD/JPY Technical Analysis - AUD/JPY Trading: 2023-05-03
AUD/JPY Technical Analysis Summary
Above 92
Buy Stop
Below 87,3
Stop Loss
| Indicator | Signal |
| RSI | Neutral |
| MACD | Neutral |
| MA(200) | Neutral |
| Fractals | Buy |
| Parabolic SAR | Buy |
| Bollinger Bands | Neutral |
AUD/JPY Chart Analysis
AUD/JPY Technical Analysis
On the daily timeframe, AUDJPY: D1 has come out of the falling wedge and approached the 200-day MA. It must be broken up before opening a position. Technical analysis indicators formed signals for further growth. We do not rule out a bullish movement if AUDJPY: D1 rises above the 200-day MA and upper Bollinger band: 92. This level can be used as an entry point. Initial risk cap is possible below the last down fractal, Parabolic signal, and lower Bollinger band: 87.3. After opening a pending order, we move the stop following the Bollinger and Parabolic signals to the next fractal low. Thus, we change the potential profit/loss ratio in our favor. After making a trade, the most cautious traders can switch to a four-hour chart and set a stop loss, moving it in the direction of movement. If the price overcomes the stop level (87.3) without activating the order (92), it is recommended to delete the order: there are internal changes in the market that were not taken into account.
Fundamental Analysis of Forex - AUD/JPY
The Reserve Bank of Australia unexpectedly raised rates. Will AUDJPY quotes continue to rise?
On May 2, 2023, the RBA raised the rate by 0.25% to 3.85%. Most market participants believed that it would remain at the same level of 3.6% for the 3rd time in a row. This week will be published a lot of statistics that may affect the dynamics of the Australian dollar. Australia Retail Sales and S&P Global Services PMI will be released on May 3, Australia Trade Balance on May 4, and Australia Home Loans and RBA Monetary Policy Statement on May 5. In turn, Japan is not expected to publish significant economic data in connection with the holidays. Recall that on April 28, the Bank of Japan (BOJ) kept the rate at a record low, a negative level of -0.1%.
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