AUDJPY closed the week out at 82.55 on Friday. This was both enough for a Daily trend change to the upside and a Weekly confirmation of a higher low. If we take a look at the more recent bottom to top price movements, this would project AUDJPY has the potential to trade up near 86.85 by early March.
Looking at the chart, we can see that AUDJPY did attempt to close below the prior lows at 78.84. While it traded as low as 78.78, it was not enough to close below and has begun it’s upward path once again.
As we pointed out last week, USDJPY closed above and needed to hold a critical level above 113.55, which it was able to do. We also saw Dollar Yen as more of a grind to the upside instead of instant gratification, which coincides with our early March timeline for the AUDJPY target.
Looking at this week, we see initial dynamic support at 81.30/20 and dynamic resistance at 83.75/85.