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11 Sep 2013
AUD/JPY appears higher post-breakout; “overbought” label calls for pause
FXstreet.com (Barcelona) - The recent trend in bullish Aussie data and neutral / bearish Japanese data has bulled the AUD/JPY through resistance easily with designs on going much higher.
AUD/JPY got more good Aussie data and more ho-hum Japanese data
As the trends in data seem pretty set for the short-term, it appears that only a radical positive change in data from Japan or a return to the miserable flow in Australia that existed only weeks ago will alter the current bullish path for AUD/JPY.
Technical outlook for AUD/JPY
Technicians say the next upside target for AUD/JPY is way up at 96 (from 93.20 currently) – based on Fibonacci projections. The cross is already overbought, though, and some backing and filling will almost certainly go on prior to the eventual target being hit. Technicians say the cross is in “buy the dip” mode now. First support where that may occur comes in at 92.81 and 91.55.
AUD/JPY got more good Aussie data and more ho-hum Japanese data
As the trends in data seem pretty set for the short-term, it appears that only a radical positive change in data from Japan or a return to the miserable flow in Australia that existed only weeks ago will alter the current bullish path for AUD/JPY.
Technical outlook for AUD/JPY
Technicians say the next upside target for AUD/JPY is way up at 96 (from 93.20 currently) – based on Fibonacci projections. The cross is already overbought, though, and some backing and filling will almost certainly go on prior to the eventual target being hit. Technicians say the cross is in “buy the dip” mode now. First support where that may occur comes in at 92.81 and 91.55.