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USD/JPY and AUD/USD Forecast - 22 October 2018

By Christopher Lewis

Christopher Lewis has been trading Forex and has over 20 years experience in financial markets. Chris has been a regular contributor to Daily Forex since the early days of the site. He writes about Forex for several online publications, including FX Empire, Investing.com, and his own site, aptly named The Trader Guy. Chris favours technical analysis methods to identify his trades and likes to trade equity indices and commodities as well as Forex...

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USD/JPY

The US dollar rallied significantly against the Japanese yen during the trading session on Friday, as we continue to see a bounce from the 61.8% Fibonacci retracement level. As markets stabilize, I anticipate that this market will continue to go higher, and therefore it’s likely that we will see bullish pressure. I think the market breaking above the highs from the last couple of days will be a bullish sign, but it will probably take a bit of work to get that done. We are in and uptrend, and I think this is simply a confirmation of that uptrend as we move to the upside. Overall, I believe that buying the dips continues to work unless of course we break down below the ¥111.50 level, which would break the 61.8% Fibonacci retracement level. Unless we get some type of flight to safety, this pair should continue to attract fresh buying.

USDJPY

AUD/USD

The Australian dollar has rallied a bit during the day, but overall it’s still in a very negative downtrend. The 0.7150 level above should continue to be resistance, so I think it’s going to be difficult to go higher. Even if we do, the 0.72 level above will also offer resistance from what I have seen. In general, I like the idea of selling short-term rallies as we continue to see a lot of tension between the United States and China, which of course has a negative influence on the Aussie. If we break down to a fresh, new low then I think the market goes to the 0.70 level after that, and then possibly even the 0.68 handle. If we do break above the 0.72 handle, then I think the market could be bought and go much higher.

AUDUSD

Christopher Lewis has been trading Forex and has over 20 years experience in financial markets. Chris has been a regular contributor to Daily Forex since the early days of the site. He writes about Forex for several online publications, including FX Empire, Investing.com, and his own site, aptly named The Trader Guy. Chris favours technical analysis methods to identify his trades and likes to trade equity indices and commodities as well as Forex. He favours a longer-term trading style, and his trades often last for days or weeks.

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