Forex: AUD/JPY slips below 94.00, stalls at 100-hr EMA

FXstreet.com (San Francisco) - The Japanese yen's sharp decline is getting a bit of a correction against its Australian counterpart, with AUDJPY having shed most overnight gains in the last hour or so on comments from Japanese economics minister Amari, saying that an excessively weak yen would have negative effects on livelihoods.

At the time of writing, the cross has fallen to levels back below 94.00 from earlier intraday highs around 94.60 and seems to have found support in the 100-hr EMA (93.55). The January 7 peak at 92.80 offers support below there. According to the FXMarketAlerts Team: "Upside momentum waning as seen by new high made but not supported by the bear-divergence seen on daily RSI/Stochastic and risking a long overdued correction of this over-stretched daily tools. Break below 93.77 support will trigger a stronger corrective pressure on the downside.