The AUD/JPY pair is flashing green and bounced off the 69.160 support level. The currency pair seems to come out of pressure, which was there on JPY due to the risk-off market sentiment. The wave 2.0 of the coronavirus (COVID-19) is eventually underpinning the safe-haven Japanese yen.
At the same time, Australia’s Wage Price Index increased by 2.1% year-on-year in the first quarter, as expected, after the previous quarter’s 2.2% surge. The quarterly figure also came in line with the estimate of 0.5%. It should be noted that the data is representing the period before the coronavirus-led lockdown, which was caused by massive job destruction.
Technically, the AUD/JPY pair has formed a bullish engulfing pattern followed by a series of Doji candles above 69.15 support. Continuation of a bullish trend may drive the AUD/JPY prices towards the next resistance area of 70. The pair has also closed an ascending triangle on the 4-hour timeframe which may lead the pair on a higher side.
Entry Price: Buy at 69.52
Take Profit .70.12
Stop Loss 68.92
Profit & Loss Per Standard Lot = -$465/ +$465
Profit & Loss Per Micro Lot = -$$46.5/ +$$46.5