The AUDJPY pair has moved higher today after the BOJ left rates unchanged at -0.10% and sounded a neutral tone in the press conference that followed. This led to a subdued move in markets but remains part of a bigger story for JPY crosses. For this pair the 82.500 level remains key to price action as traders are using it as the middle of a trading range between 84.500 and 80.500. Support comes in at 81.812 followed by 81.126 as sellers take profit and buyer open new positions. Resistance appears around 84.000 followed by 84.535. The chart shows this market consolidating here but the pattern of consolidation presents a potential box pattern with two touches at 84.535 resistance and two around 80.500 support. This would present an opportunity for a 400 pip move once the market decides which direction it will take on a breakout of the box. Targets to the upside come in at 88.500 once the 86.000 level is broken. On a decline below 80.500 a target presents itself of 46.500. Box patterns are typically neutral so it remains unclear which direction an exit will take.
The WTI Crude Oil has seen prices gradually move higher over the last year and price action has formed a bullish supporting trend zone where buyers have stepped in. Price is currently just under the 70.00 mark and is retesting the level as resistance from below. In the last number of weeks this level has seen price consolidate in this area. Resistance comes in at 72.35 followed by the high at 74.05 with the upper trend line capping price at 76.00. Support for the pair can be found at 67.64 with the 66.40 level providing resistance when price moved higher earlier this year. This level has now given traders a higher swing low to lean against. Below this is the bottom of the support zone at 65.70 followed by another swing low at 63.43. The low for 2018 comes in at 58.00 but reaching this level would be seen as a target for short positions. Bullish dynamics for the market remain in place as demand peaks in the summer months. Geopolitical tensions in the middle east remain high supporting prices.