The currency markets are abuzz with activity as the Yen and EURAUD have recently reached significant trading levels. Traders are closely monitoring these developments, as the movements of these currencies could have significant implications for the global economy. 

Whether you are a seasoned trader or simply interested in understanding the dynamics of the currency markets, the current situation with the Yen and EURAUD is an important one to watch. In this article, we will delve into the details of what is happening with these currencies and what it could mean for the future of global trade and finance.

The AUDJPY Performance 

AUDJPY is about to resume the bullish trend.

According to the recent price action, traders anticipate AUDJPY to end the retracement as it has retraced 61.8 of the impulse wave according to the Fibonacci retracement tool. Furthermore, the support trendline is still holding the price as well as the support zone around 85.870.

This price action will be of interest to a lot of traders anticipating a continuation of the overall bullish trend. As such, a break and close above the resistance zone around 90.220 will confirm more bullish momentum and will most likely resume the trend.

The CADJPY Performance

CADJPY is about to complete a pattern.

CADJPY recently created the 2nd low and support zone around 94.636 and rallied to the upside. Previously it created the 2nd high and confirmed a resistance zone around 100.870 and this price action confirmed a pattern. 

At the moment the market is forming the 3rd and last bullish leg of the pattern which will complete once the market hits the top of the pattern and the resistance zone. As such, traders are looking for bullish continuation trading opportunities with targets set on the resistance zone.

The EURAUD Performance 

EURAUD is approaching 1.64300.

This level was created back in August 2021 when sellers took interest and caused the market to aggressively drop. At the moment the market is approaching the level, and overall this price action provides the possibility of the market creating a double top and dropping again. 

On the lower timeframe, the market is starting to create a series of retracements and an ascending channel which indicates that profit-taking is currently happening. Therefore, traders are keeping a close eye for rejection and confirmation of a reversal to the downside before looking for trading opportunities with targets set on the support zone around 1.61692.

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Final thoughts on today’s analysis 

In conclusion, the recent movements of the Yen and EURAUD have brought significant attention to the currency markets. As traders closely monitor these developments, the implications for the global economy remain uncertain. 

However, with continued analysis and observation, it is possible to gain a deeper understanding of the forces driving these currencies and their potential impact on the future of international trade and finance. Whether you are a professional trader or simply interested in the world of finance, keeping an eye on the Yen and EURAUD is sure to be a worthwhile pursuit. If you are a trader and looking for a reliable broker? Sign up with TD Markets today.