Forex: AUD/JPY still directionless within 70-pip range
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AUD/JPY
FXstreet.com (San Francisco) - Choppy consolidation around 78.6% retracement resistance at 85.55 (88.60/74.45 decline) remains the dominant theme in AUDJPY, having held in range between 86.50 and 85.20 over the past week, and only a break of either side will generate further buying/selling interest.
AUDJPY is holding relatively flat and now stands at 85.65 this afternoon in Asia. A bearish break would look to have room to run to the 84 figure (Oct 30 2011 high), and a slide below there could target support at 83.60 (23.6% Fibo, 74.44/86.41 advance). Upside rallies may encounter resistance at 88.00 (Mar 2 high) and 88.60 (Mar 19 high).
"The USD is doing exactly as I have been expecting and is dropping away slightly," writes Greg McKenna, Chief Executive at GlobalFX in a research note. "This is acting as a handbrake on the AUDJPY's ability to rally [particularly] given except for market positioning yesterday the Aussie's move is really just a residual of the overall USD move lower."
AUDJPY is holding relatively flat and now stands at 85.65 this afternoon in Asia. A bearish break would look to have room to run to the 84 figure (Oct 30 2011 high), and a slide below there could target support at 83.60 (23.6% Fibo, 74.44/86.41 advance). Upside rallies may encounter resistance at 88.00 (Mar 2 high) and 88.60 (Mar 19 high).
"The USD is doing exactly as I have been expecting and is dropping away slightly," writes Greg McKenna, Chief Executive at GlobalFX in a research note. "This is acting as a handbrake on the AUDJPY's ability to rally [particularly] given except for market positioning yesterday the Aussie's move is really just a residual of the overall USD move lower."
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