AUD/JPY looking heavy on the charts as risk rolls over

David Scutt 125
By :  ,  Market Analyst

AUD/JPY offers decent risk-reward for traders considering longs or shorts right now, sitting on uptrend support with ample room to move in either direction depending on how the price interacts with this level in the near-term.

audjpy jan 16

A downside break targets 96.15 or 95.90, two levels the pair has done plenty of work around recently. For potential longs, resistance is located at 97.14 and 97.50, the latter a level it struggled to overcome for much of the past month. Depending on which way the price moves, a tight stop on the alternate side of the uptrend will offer protection.

Matt Simpson covered off both AUD/USD earlier today here.

-- Written by David Scutt

Follow David on Twitter @scutty


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