AUDJPY London briefing — 2026-10-20

BIAS NEUTRAL. H4 fair value gaps bullish while H1 gaps bearish; EMA divergence (H4 neutral vs H1 bullish) prevents directional conviction. KEY LEVELS R: 111, 112.14 | S: 110.5, 108.66 NEWS 🟡 Merchandise Trade Balance (JPY) – 23:50 UTC 🟡 Exports YoY (JPY) – 23:50 UTC 🟡 Imports YoY (JPY) – 23:50 UTC SESSION OUTLOOK Three medium-impact Japan data prints arrive late London. Watch 110.5 support hold/break; price trapped between conflicting timeframe signals until data clarifies JPY direction.

Key Levels

R: 111.000 · 112.143

S: 110.500 · 108.658