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Market News The AUD/JPY Price Remains Subdued In The Face Of Escalating Geopolitical Tensions And The Impending Adverse Harami

The AUD/JPY Price Remains Subdued In The Face Of Escalating Geopolitical Tensions And The Impending Adverse Harami

As the Asian session of Tuesday progresses, the AUD/JPY maintains a nearly neutral trading position. Consider 95.55 as a possible continuation of the favourable trend, whereas 95.00 poses a threat to ongoing stability. A breach above 95.55 could pave the way for ascents to September highs, with 97.00 a distinct possibility.

TOP1 Markets Analyst
2023-10-10
6414

AUD:JPY 2.png

 

On Monday, the AUD/JPY pair resumed its upward trend; however, it was unable to surpass last Friday's peak of 95.55 as a result of a risk-averse sentiment, which was prompted by the resurgence of hostilities between Israel and Hamas following the latter's attack during the Yom Kippur holidays. At 95.16, the AUD/JPY is trading nearly unchanged as the Asian session of Tuesday commences.

 

The pair exhibits a 'bearish-harami' two-candlestick pattern on the daily chart, which may signal additional declines despite its neutral bias depicted on the chart. However, should AUD/JPY surpass the all-time high of 95.55 set last Friday, that would create an opportunity for additional gains, revealing the daily high of 96.92 from September 29th. Upon clearance, the amount of 97.00 would become available for acquisition.

 

As short-term price action remains above the Ichimoku Cloud (Kumo), the AUD/JPY is anticipated to extend its gains. Resistance would initially manifest at 95.55, then progress to the 96.00 threshold. Conversely, the AUD/JPY downtrend would be exacerbated if the pair extended its losses below the intersection of the Kijun and Tenkan-Sen levels at approximately 95.00. The initial support would be the Senkou-Span B at 94.94, then the 94.68 level, and finally the daily low from October 6 at 94.33.

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