The AUDJPY pair has started September with an attempt to move higher from 79.500 through resistance at 80.000. The weekly chart shows that the pair has spent the last twenty months in a range between 80.000 and 90.000. With support at 80.000 tested and holding for the moment, it is prudent to evaluate the levels below. On this chart the 79.775 level has been the low at which the break in 2016 developed from. Below that area the 76.000 level was used by traders to position against. A loss of these areas shifts the focus to 74.500 followed by long term support at 72.500.
Resistance for the chart can be found at the Point of Control at 81.500. A break above this level would potentially hand control to buyers who would look to retest the 84.580 level as resistance. A break higher from that point would seek to reach 87.222 and break 88.000. Moves above this area have failed in the past and a weekly close above 89.000 would allow a retest of the high at 90.285.
The focus on trade relations between the US and China has created volatility in FX crosses and created interest in the wider relationship involving trade with China. The EUR strengthened against the CNH in recent times and seems to have found a natural level of resistance around and above 8.0000. The initial test of the area led to a retracement of the move higher down to the 7.8000 area. Resistance was found at 8.0332 and this remains the level to beat. The 7.9500 area remains of interest going forward with the POC at 7.8946.
Support for the pair is found at 7.8680 where price hit resistance on the move higher. The rising support trend line is just below this area at 7.8500. A loss of this trend line would leave the higher low at 7.7950 holding price from further declines. If this support level fails there seems to be a zone of support close to 7.7180.