Authored by TD Markets
In the world of forex trading, market participants are closely monitoring the YEN pairs, as traders anticipate a possible retracement in the near future. At the same time, the Pound-Aussie currency pair is approaching a key level that could potentially trigger a significant move in the market.
As traders weigh various factors and analyse market trends, the coming days and weeks are likely to bring heightened activity and volatility in these currency pairs.
The USDJPY Performance
USDJPY is trading at the support.
USDJPY has dropped to the trendline as well as the support zone. Traders are looking at a possible short-term trading opportunity to the upside to take advantage of the retracement. As such, a break and retest of structure on the lower timeframes will confirm the start of the retracement.
The AUDJPY Performance
AUDJPY bullish trend to continue?
AUDJPY has pushed down to the trendline as well as the support zone.
In addition to this, the market has pushed down 61.8% of the previous bullish leg according to the Fibonacci retracement tool. This means that sellers could look to start taking profits in anticipation of the continuation of the upside. As such, traders are waiting for rejection before looking for trading opportunities to the upside.
The GBPAUD Performance
GBPAUD about to complete the bullish wave?
GBPAUD is approaching the supply zone which is aligned with the resistance zone as well as the 78.6 fb level. This area could be a barrier for price and cause a drop due to profit-taking which will provide trading opportunities to the downside. As such, traders are waiting for rejection before looking for trading opportunities.
Read More: What Happened During March FOMC Meeting?
Final Thoughts On Traders Anticipate A Retracement Of The YEN Pairs
In conclusion, the forex market is always active, and dealers are continually on the watch for possible profit chances. With the YEN pairs indicating a potential retracement and the Pound-Aussie pair nearing a critical level, traders are ready to profit from price moves in these currency pairs.
