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AUD/USD rally stalls while EUR/JPY, USD/JPY gradually rise

AUD/USD encounters resistance but EUR/JPY, USD/JPY gradually advance.

USD/JPY Source: Adobe images
Forex Japanese yen AUD/USD United States dollar USD/JPY EUR/JPY
Written by: Axel Rudolph | Market Analyst, London
Publication date:

​​AUD/USD rally stalls

AUD/USD's rally stalled slightly above the $0.6895-99 June and July 2023 highs, as expected. Above Wednesday's high at $0.6908 lies the January 2022 low at $0.6968.

Wednesday's bearish engulfing pattern on the daily candlestick chart may lead to a minor reversal being seen, but only if a fall through Wednesday's low at $0.6819 were to occur. Even in this scenario overall upside pressure should remain in play while Thursday's low at $0.6738 underpins.

AUD/USD chart Source: TradingView.com
AUD/USD chart Source: TradingView.com

EUR/JPY looks bid

EUR/JPY is gradually advancing towards its 55-day simple moving average (SMA) at ¥162.30, above which potentially beckons the ¥163.89-¥164.04 resistance zone, made up of the mid-August high and the 200-day SMA.

Minor support below Monday's ¥159.05 low remains to be seen at the 12 September high at ¥157.51.

EUR/JPY chart Source: TradingView.com
EUR/JPY chart Source: TradingView.com

USD/JPY recovers further

USD/JPY still targets the ¥147.21 early September high as well as the ¥147.44 55-day SMA.

Minor support below Wednesday's ¥142.90 low remains to be seen at the ¥141.70 August low.

USD/JPY chart Source: TradingView.com
USD/JPY chart Source: TradingView.com

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. Clients can lose more than they deposit. All trading involves risk.

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