Australian dollar has trouble versus weak Japanese yen

AUD/JPY closes the weak slightly positive. The AUD had trouble making and holding gains against the weak JPY.


AUD/JPY Outlook

While other currencies are making sizable gains versus the Japanese yen the Australian dollar is having trouble holding onto slight gains for the week. Although this pair has been in an uptrend on both the weekly and daily charts it is showing signs of weakness now. Friday’s daily price bar closed down in a bearish engulfing pattern and this pair now provides a good hedge through selling if you are looking for the high probability buys on other JPY pairs this coming week.

Open positions for AUD/JPY
(source Oanda)AUD/JPY Open Positions

You can follow the aud/jpy forecast here  during the week.