• AUD/JPY (H4) Descending Triangle
  • Poor forecast of September’s job figures

AUD/JPY has been trending downwards since the start of this week. At the moment, the downtrend is starting to slowdown ahead of the release of the Australian employment data tomorrow at 0830 (SGT). As a result, a Descending Triangle is formed.

Note that the forecast for September’s employment data is pretty bad with the resumption of COVID-19 restrictions in Victoria after a resurgence of COVID-19 cases. If the actual release of the employment data is at least as bad as forecasted, a potential sell of the AUD/JPY would be at 75.2.

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By Gim Hong Lee

Gim Hong has been a full-time currency trader for more than 2.5 years, focusing on day and swing trading of major currencies and their crosses. He is a frequent contributor of currency and economic analysis in Forex Trading Asia. Graduated from Columbia University in the City of New York with a bachelor’s degree in applied mathematics and statistics, the nerdy side of Gim Hong enjoys learning about data analysis, machine learning and their applications in currency trading.

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