Bullish pennant on the AUDJPY points higher.

It should be no surprise with stocks moving to all time highs the AUDJPY (because of the strong equity markets positive correlation) is following suit. We have a bullish pennant developing and if we can break the 74.82 level the risk of a move beyond the 200DMA is high. RSI is not overbought yet, so there is room for pair to move higher. Wednesday morning in Australia, the CPI will be released for the quarter. This could be the catalyst that assists in the breakout as well.

AUDJPY Bullish Pennant

Blake Morrow