USD/JPY and AUD/USD Forecast - 15 April 2019



The US dollar has rallied quite nicely against the Japanese yen during trading on Friday, breaking above the ¥112 level. We are on the verge of a major break out, which makes sense as we have seen the S&P 500 finally cracked the 2900 level in the futures market. That is a good sign that risk appetite will continue to go higher, and typically that will work in the favor of this market. That being said, we could get a short-term pullback but if we can clear the ¥112.15 level, we will have busted through the last vestiges of resistance and should continue to go higher, perhaps looking towards the ¥113.50 level. To the downside, we could drop towards the moving averages but at this point that looks less likely.


Great trade opportunities are waiting - don't wait to profit from this pair!


The Australian dollar had a good trading session on Friday, reaching towards the 200 day EMA. We did pull back a bit from there though, so it makes sense that we would continue to see a lot of choppiness. The 50 day EMA underneath is support, so at this junction I think that we simply go back and forth as we try to figure out where we go next. Overall though, I like buying dips for the longer-term move, as the 0.7050 level is very supportive, assuming we even dropped down through there. Underneath there, we have the 0.70 level, which is massive support on longer-term charts, extending all the way down to the 0.68 level. This is a market that is highly sensitive to the risk appetite around the world and of course the Chinese economic situation. This not until we break down below there that I would be interested in shorting. Short-term pullbacks continue to be opportunities to pick up value.


Christopher Lewis has been trading Forex for several years. He writes about Forex for many online publications, including his own site, aptly named The Trader Guy.