mql5

AUD/JPY may face range-bound conditions going in Japan’s 2016 fiscal year-end as it struggles to break the monthly opening range, but the broader outlook remains constructive as the pair preserves the bullish formations carried over from earlier this year.



The lack of momentum to test the 87.70 (61.8% expansion) hurdle may keep AUD/JPY within a narrow range especially as the Relative Strength Index (RSI) preserves the downward trend carried over from December. However, the aussie-yen exchange rate appears to be on the cusp of a larger move as the 50-Day SMA (86.42) continues to offer support, with price & the RSI approaching the approaching the apex of a near-term wedge/triangle formation.

read more here