AUDJPY LONG
Take Profit 1 - 94.88
Take Profit 2 - 95.38
Take Profit 3 - 95.88
Stop loss - 93.08
The AUDJPY pair has been in a bullish trend for the past few weeks, and it is currently trading near the top of its range. The current spot rate is 94.08, and a buy entry point of 94.08 is just below the recent high of 94.28.
There are a few reasons why AUDJPY could continue to rise in the near term. First, the AUD is generally seen as a commodity currency, and it has been strengthening against the JPY in recent weeks as commodity prices have risen. Second, the Reserve Bank of Australia is expected to raise interest rates more quickly than the Bank of Japan, which could put upward pressure on the AUD against the JPY. Finally, the Australian economy is expected to grow more quickly than the Japanese economy in the near term. This is due to a number of factors, including the strength of the Australian mining sector and the country's exports of iron ore and other commodities.
Technical analysis:
From a technical perspective, the AUDJPY pair is trading above its 200-day moving average, which is a bullish signal. The pair is also forming a bullish ascending triangle pattern, which is a continuation pattern that typically leads to a breakout to the upside.
Fundamental analysis:
The Australian economy is expected to grow more quickly than the Japanese economy in the near term. This is due to a number of factors, including the strength of the Australian mining sector and the country's exports of iron ore and other commodities. However, the Reserve Bank of Australia is expected to raise interest rates more quickly than the Bank of Japan, which could put upward pressure on the AUD against the JPY.
Risks:
There are a few risks to consider before entering a trade on AUDJPY. First, the global economy is facing some headwinds, such as the war in Ukraine. These headwinds could weigh on risk appetite and lead to a decline in the AUDJPY pair. Second, the Bank of Japan is expected to continue to pursue an ultra-loose monetary policy, which could put downward pressure on the JPY. Finally, the Australian economy is facing some headwinds, such as the war in Ukraine and the ongoing trade tensions with China. These headwinds could weigh on the AUD and lead to a decline in the AUDJPY pair.
Overall:
I think AUDJPY is a good pair to trade for those who are looking for a long-term bullish trend. However, it is important to remember that the forex market is volatile, and there is always the risk of a reversal. You should always do your own research before entering any trades.
Here are some additional factors that you may want to consider before entering a trade on AUDJPY:
The economic outlook for Australia and Japan.
The level of volatility in the forex market.
The price of commodities, such as iron ore and other manufactured goods.
Take Profit 2 - 95.38
Take Profit 3 - 95.88
Stop loss - 93.08
The AUDJPY pair has been in a bullish trend for the past few weeks, and it is currently trading near the top of its range. The current spot rate is 94.08, and a buy entry point of 94.08 is just below the recent high of 94.28.
There are a few reasons why AUDJPY could continue to rise in the near term. First, the AUD is generally seen as a commodity currency, and it has been strengthening against the JPY in recent weeks as commodity prices have risen. Second, the Reserve Bank of Australia is expected to raise interest rates more quickly than the Bank of Japan, which could put upward pressure on the AUD against the JPY. Finally, the Australian economy is expected to grow more quickly than the Japanese economy in the near term. This is due to a number of factors, including the strength of the Australian mining sector and the country's exports of iron ore and other commodities.
Technical analysis:
From a technical perspective, the AUDJPY pair is trading above its 200-day moving average, which is a bullish signal. The pair is also forming a bullish ascending triangle pattern, which is a continuation pattern that typically leads to a breakout to the upside.
Fundamental analysis:
The Australian economy is expected to grow more quickly than the Japanese economy in the near term. This is due to a number of factors, including the strength of the Australian mining sector and the country's exports of iron ore and other commodities. However, the Reserve Bank of Australia is expected to raise interest rates more quickly than the Bank of Japan, which could put upward pressure on the AUD against the JPY.
Risks:
There are a few risks to consider before entering a trade on AUDJPY. First, the global economy is facing some headwinds, such as the war in Ukraine. These headwinds could weigh on risk appetite and lead to a decline in the AUDJPY pair. Second, the Bank of Japan is expected to continue to pursue an ultra-loose monetary policy, which could put downward pressure on the JPY. Finally, the Australian economy is facing some headwinds, such as the war in Ukraine and the ongoing trade tensions with China. These headwinds could weigh on the AUD and lead to a decline in the AUDJPY pair.
Overall:
I think AUDJPY is a good pair to trade for those who are looking for a long-term bullish trend. However, it is important to remember that the forex market is volatile, and there is always the risk of a reversal. You should always do your own research before entering any trades.
Here are some additional factors that you may want to consider before entering a trade on AUDJPY:
The economic outlook for Australia and Japan.
The level of volatility in the forex market.
The price of commodities, such as iron ore and other manufactured goods.
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