Securities Markets of Asian Pacific is currently enjoying a stable state. The growth in these securities markets is likely to influence the trade of AUD/JPY. Thus you can expect a significant change in the Forex trading in this week. Australian Securities market gained 0.84%. The Japanese Stock market index (JPN225) also gained 1.55% while the CSI of China surged 1.23% which is very impressive. Similarly the Index of Hong Kong also rose 2.27%. All these increasing figures reflect the stable and growing state of the equity markets of Asian Pacific region.
Asian Pacific Growth and AUD/JPY:
Such impressive growth in Asian Pacific region affects the trade of the entire world. This table turning situation has resulted in the shift of the value of many currencies. Particularly AUD is surpassing its counter-currencies. This upward trend seems to extend in the coming weeks. This performance is prominent in case of AUD/JPY. AUD is apparently surmounting JPY currently. In addition, the smooth trading flow of AUD is predicting that AUD will continue to surpass JPY in the near term. As it was predicted earlier that this year is going to be a breakout trading year for AUD. Thus you can expect more in the coming months. AUD will outperform its counter-currencies particularly of Asian Pacific region.
Levels of AUD/JPY:
AUD/JPY has passed the neckline trading pattern which it has witnessed for about one and a half year. It burst and crossed it. Now it is staying under the resistance point of 80.70. The value seems positively to stay above 79.38. According to trading indicators like RSI, the least point of resistance which is 80.35 is apparently too high. MACD also supports the assumption of RSI in this regard as it is currently tracking the value above the midpoints. However if it does not succeed to attain a stable state over the 80 then it may result in a pullback. But that pullback would likely to be for a short-term. On the other hand, a push back over 80 may lead the value towards 80.72. The 8-hour trading chart of AUD/JPY hints strong buying pressure in the coming days. Thus the struggle of Asian pacific currencies against AUD will continue.