Back
18 Oct 2013
AUD/JPY tamed below 94.50
FXstreet.com (Chicago) - AUD/JPY can’t break through and consolidate above 94.50 for good despite attempts to surpass monthly highs this week. Accumulating minimal pips gained after the release of all data for both Australia and Japan – China as well considering correlation levels with commodity pairs – the pair extends sideways trading since opening.
AUD/JPY Technical Levels
Price action reveals a pair that maintains monthly altitudes but remains capped at strong resistance around 94.45 (tested several times over the week). Offered at 94.28, the pair continues trading between supports aligned at 94 (October 14th highs), 93.56 (September 20th highs) ahead of 93 (September 25th highs) and the resistances set at 94.45 (September 18th highs), 94.89 (January 17th highs) followed by 95.52 (February 15th lows). According to the FXstreet.com trend index, the pair is slightly bearish on one-hour timeframe analysis with a neutral EMA20. Primary and secondary trends point up but diverge with shorter-term analysis with the formation of rectangular pattern on M30 timeframes.
AUD/JPY Technical Levels
Price action reveals a pair that maintains monthly altitudes but remains capped at strong resistance around 94.45 (tested several times over the week). Offered at 94.28, the pair continues trading between supports aligned at 94 (October 14th highs), 93.56 (September 20th highs) ahead of 93 (September 25th highs) and the resistances set at 94.45 (September 18th highs), 94.89 (January 17th highs) followed by 95.52 (February 15th lows). According to the FXstreet.com trend index, the pair is slightly bearish on one-hour timeframe analysis with a neutral EMA20. Primary and secondary trends point up but diverge with shorter-term analysis with the formation of rectangular pattern on M30 timeframes.