Back
10 Sep 2013
AUD/JPY attached to the 92 handle despite Aussie strength
FXstreet.com (Barcelona) - The AUD/JPY foreign exchange cross rate is last trading at 92.03 off recent 7-week highs at 92.18 printed on the back of Aussie strength following Australia NAB Business Confidence data at highest level since May 2011 just released.
AUD/JPY may see the rally extend
“AUDJPY has broken above a medium-term resistance zone and may see the rally extend,” said Eric Viloria, Senior Currency Strategist at FOREX.com, adding: “AUD supportive factors include the passing of election risk and data out of China which pointed to further signs of stabilization. For the JPY, renewed weakness was fueled by weaker than expected 2Q GDP revisions. AUDJPY broke trend line resistance following recent developments which brings key technical levels into view. The risk is for a correction lower and a break below the daily ichimoku cloud base and 55-day SMA around the psychological 90.00 figure would negate our bullish outlook.”
AUD/JPY key technical levels
Immediate resistance to the upside for AUD/JPY shows at recent session fresh 7-week highs 92.18, followed by July 03 highs at 92.46, and July 24 highs at 92.73. To the downside, closest support lies at Friday's highs 91.70, followed by Thur/Wed's highs at 91.59, and Thursday's lows at 90.98.
AUD/JPY may see the rally extend
“AUDJPY has broken above a medium-term resistance zone and may see the rally extend,” said Eric Viloria, Senior Currency Strategist at FOREX.com, adding: “AUD supportive factors include the passing of election risk and data out of China which pointed to further signs of stabilization. For the JPY, renewed weakness was fueled by weaker than expected 2Q GDP revisions. AUDJPY broke trend line resistance following recent developments which brings key technical levels into view. The risk is for a correction lower and a break below the daily ichimoku cloud base and 55-day SMA around the psychological 90.00 figure would negate our bullish outlook.”
AUD/JPY key technical levels
Immediate resistance to the upside for AUD/JPY shows at recent session fresh 7-week highs 92.18, followed by July 03 highs at 92.46, and July 24 highs at 92.73. To the downside, closest support lies at Friday's highs 91.70, followed by Thur/Wed's highs at 91.59, and Thursday's lows at 90.98.