AUD/JPY’s direction is up and long any drops contains the only strategy as short trades are literally impossible. Current AUD/JPY at 82.00’s is oversold short and long term.
Most vital break points above are located at 83.02, 83.65 and 83.72 to target 84.27 . Most vital in this series is 83.72. Further targets above 84.27 include 85.04, 85.08 and 85.32.
The 10 year average is located at 85.29 therefore no interest exists longer term to target higher than 85.04 and 85.08. The 10 year average at 85.29 contains the big break point to target much higher levels but overall six break points exists at 85.00’s and those levels are located at 85.04, 85.08,85.32, 85.33, 85.59 and 85.70.
Below only two break points remain overall and those levels are located at 81.91 and 81.51. For today only, 81.80 provides the only support. The most immediate range overall is located from 81.91 to 83.02 and upon a break of 83.02 then the range becomes 83.02 to 83.72 and down the road 83.72 to 84.27.
The longer term and 100 pip trade for AUD/JPY is target 83.72 upon a break at 83.02. The perfect entry price especially on today’s NFP day is long on a drop from 81.80 to again target 83.02 and 85.72.
Overall, AUD/JPY is a slow mover yet reliable as a target trade but patience is required because AUD/JPY contains smaller ranges than its EUR/JPY and GBP/JPY counterparts.