Forex: AUD/JPY false-breaks at 83.50
Forex pairs in this Article » AUD/JPY
FXstreet.com (San Francisco) - AUDJPY managed to break above the 83.50 resistance zone overnight, climbing to a new 4-month high of 83.57 before pullback to close the North American session at 83.08, around 20 pips above the close late Monday. Technically speaking, price is seeing good rotation around the 61.8% Fibonacci retracement level of the decline from 88.61 to 74.48. Also, price behavior resulted in a false break of the earlier mentioned resistance area, action that could signal the early stages of a bearish reversal.