Forex: AUD/JPY testing bids above 94.50
Forex pairs in this Article » AUD/JPY
FXstreet.com (San Francisco) - AUDJPY is threatening a break above the 94.50 roof set overnight Friday, having so far traded up to 94.55 vs. 93.92 at the close in New York. Technical studies across timeframes remain in overbought territory, but the path of least resistance continues South for JPY as it maintains a 'buy on dips' profile on BoJ easing expectations. If the market manages to surge higher, there looks to be room for a bullish run to 78.6% Fibonacci retracement resistance at 96.50, while the 50-hr EMA offers support at 93.67.