AUDJPY moved back and forth during the course of the last trading week. The weekly candle is a mixed candle which more-or-less showed lack of direction last week. Therefore we can look at shorter time frame to analyse this market.
Fundamental Analysis
The pair rallied on Friday which seems to be a result of the upward move of USDJPY. Positive retail sales data helped Australian Dollar last week, while Quarterly and Yearly GDP figures missed the expectation. Overall fundamentals are not bad for the Australian Dollar. The Feds are also expected to hike interest rates within days, which should push USDJPY higher which in turn will push AUDJPY higher as well.
Trading Preference
Due to the above mentioned reasons, the preference is to go long on the pair above 85.38 level.
