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Technical analysis

31.07.202406:28 Forex Analysis & Reviews: Technical Analysis of Intraday Price Movement of AUD/JPY Cross Currency Pairs, Wednesday July 31, 2024.

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Exchange Rates 31.07.2024 analysis

If we look at the 4-hour chart of the AUD/JPY cross currency pair, it appears that there is a deviation between its price movement and the MACD Histogram indicator, coupled with the condition of the EMA 20 which is below the EMA 50 and the price movement of the currency pair which is below both EMAs, then in the near future AUD/JPY has the potential to continue its weakening to the level of 98.96 if this level is successfully broken downwards and as long as there is no strengthening correction that breaks above the level of 102.99, then AUD/JPY still has the potential to weaken to the level of 97.73 as its main target and 96.49 as the next target if momentum and volatility support.

(Disclaimer)

Arief Makmur
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