AUD/JPY Weekly outlook – 12 March – 16 March
The Aussie closed last week slightly lower against the Yen, with the price once again, being unable to break, hold and close above 88.00. The Yen’s weakness was again seen with the pair quickly reversing losses experienced early in the week. For the second week in a row, the weekly chart’s candle closed as a bullish pin bar suggesting a continuation of the recent bullish momentum.
With the price unable to close above 88, trading the pair may prove to be a difficult task. Two bullish pin bars on the weekly charts suggests a bullish bias for the pair leaving the door open for brave traders to long the market on Mondays open.
As the market has been unable to close above 88, our outlook for the moment is to sit on our hands and wait for further confirmation before entering any long trades. We’ll be monitoring the 4hr and daily time frames for any possible bullish signals should the market pull back before resuming upwards. A possible trade idea may be to wait for a 50% retracement of last weeks pin and take a long, with a stop just below the low of the pin targeting 88.00.
