- AUD/JPY is mildly bid after Friday’s Doji candle.
- A close above the Doji candle’s high is needed to confirm bull revival.
AUD/JPY is currently trading near 76.22, representing a 0.25% gain on the day.
The pair created a classic Doji candle on Friday, signaling indecision in the market and making Monday’s close pivotal.
A close above Friday’s high of 76.30 would imply an end of the pullback from the Nov. 11 high of 77.10 and resumption of the rally from October lows near 73.00.
Alternatively, acceptance under Friday’s low of 75.76 would signal a continuation of the sell-off from 77.10 and shift risk in favor of a drop to support at 74.00.
The risk-on mood and the upbeat China Industrial Production released early Monday favor a convincing break above Friday’s high of 76.30. The immediate bias will remain neutral as long as the pair is held within Friday’s range of 75.76-76.30.
Source from https://weltrade.com.my/wp-admin/post-new.php