AUDJPY forecast today
On October 8, the AUD/JPY currency pair touched a short-term support level at 99.10 before quickly rebounding to 100.30. After this rise, the price corrected slightly and is now hovering around the psychological level of 100.00. Each bearish move seems to attract buyers, creating a “buy and hold” sentiment in the market.
In the 1-hour timeframe, the price is positioned above both the 50 and 200 EMA, indicating a continuation of the short-term uptrend.
Key Levels:
- Support: 99.60, 98.70
- Resistance: 101.30
No major economic news from Australia or Japan is expected tomorrow that could significantly impact AUD/JPY’s movement. However, Japan will release several important data points, including Foreign Bond Investment, Stock Investment by Foreigners, Bank Lending YoY, PPI MoM, and PPI YoY. Australia will also report on Consumer Inflation Expectations, Building Permits MoM, and Private House Approvals MoM.
AUDJPY forecast today
As long as the support levels at 99.60 and 98.70 hold, the pair is likely to maintain its short-term uptrend and target the next resistance at 101.30. There may be a pullback to around 99.80 before the price continues its rise toward 101.30. We maintain a bullish outlook for AUD/JPY, with the next potential target at 101.70.
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