 Good morning and welcome to the chart of the week video with me David Madden. Today's date is Wednesday at the 6th of November 2019 and the time has just gone 955 GMD This week's chart of the week is the Aussie Donner versus the Japanese Yen, the Aussie Yen And if you take a look at the price action for the last few months since late August We can see that the Aussie Yen has been a very solid upward trend And the fact that we can see only yesterday The currency pair hit its highest level since late July, so the market is pushing higher We've the last couple of days the marketing indicator, the marketing Instagram Has remained a bit subdued so that is a bit of a concern could potentially mean in the near term We're in for a bit of a pullback, but price is by far the most important indicator So if the price does continue to press on higher from here, you could be looking at testing this region here in around the 76 spot 0-0 metric in round here, which also Colonized or close enough to the this red line here the 200 in moving average and the Aussie Yen Hasn't gotten up as high as the 2D moving average since April Earlier this year If you do measure going to press on higher beyond that area We have a size of break beyond the 76 spot 0-0 region We can then be looking at how you're getting this area here about a 78 spot 0-0 and the market hasn't been up at that metric That level since early May as I mentioned If you take a look at the marketing indicator of marketing histogram Positability is still in existence, but it's actually running fairly low And it's a bit concerning when you see a market pressing higher here the edge online market That you've been a steady taper off in positive momentum It suggests that the bulls are still in control, but this but there will appear that they're kind of running out of steam So if that could be a sign of as it could be a sign that were that we could be in for a bit of a correction or a pullback in the near term Should that be the case we could see the market fall back to this yellow line here The one or the movie average and that comes to play at 73. It's about 71 We can see that metric acted well as both resistance and also support not too long ago So it makes it like he makes more likely that metric will be important in the future And even if it keep all below that this blue line here the 50 moving average which acts as support back in July And resistance in September might act and also act as support Should we see and move to the downside and that metric comes into play at 73 spot 43 And it's only really if you have a size of a break below this zone here The early October lows in around just south of the 72 It's only really if you have a size of break below that because then we begin to think you know what maybe The upward move from August has come to an end and we're going to fall back into the wider downward trend It should that be the case we could be then look at retargeting this area here down at the a kind of psyche input psychology Portland 70 metric Now if you are going to be training the Aussie and it's also worth keeping eye on what's going on and other crosses So keep it so take a quick look at the euro yen So regular testing is what was the broad sentiment in the in the Japanese yen We can see here on the euro yen the euro is also making steady headway against the Japanese yen Since August in fact only not too long ago. The Aussie the euro yen hit level last seen in July As so once again, we can see the There's weakness in the Japanese yen and if you take a quick look on what's going on on the US dollar we can kind of gauge what's in a broad sentiment in the US dollar So now to take a quick look at the US dollar versus the Aussie dollar You're gonna see what this kind of sentiment in sentiment is in the Australian dollar so we can see here since Early October we've seen a steady push higher in the Australian dollar versus the US dollar and in fact the Aussie dollar Very recently hit a level last seen in July So the Australian dollar is moving higher against the both The Japanese yen and also the US dollar and we can also see that the there's weakness In the Japanese yen that the Japanese yen is weak against against the euro And it's also weaker against the Australian dollar. So we can be more confident But this kind of upward trend we're seeing in Aussie yen is going to continue. Obviously, there are no guarantees But but but the market security moving in the same direction now if you are going to be trading The Australian dollar versus the Japanese yen keep an eye for on Friday on the early hours of Friday The reserve bank Australia you maintain interest rates earlier this week as expected They will announce the monetary policy statement On the early hours of a Friday morning Friday morning Like it could give us about an insight into what the the reserve bank of Australia are thinking It's also we're keeping an eye on what's going on with the US-China trade story That's obviously been More recently we've been hearing positive sounds out of that So we've seen some European and US stock markets hit all time I don't hit a hit either save decade highs or multi-year highs or in the case of US stock markets Some of them have had all-time highs so that that's been very much a risk-on sentiment and the Japanese yen Usually does better in a jet and a risk-off sentiment. So if you see reversal in the US-China trade sentiment And we see stock market is tumbling. We might see additional funds flow back into the Japanese yen Which could push some downward pressure on the Australian dollar versus the Japanese yen. Well, that's all for me this week Thank you for listening and thank you very much