Forex Flash: AUD/JPY rally shows signs of fatigue – Westpac
Forex pairs in this Article »
AUD/JPY
FXstreet.com (Barcelona) - According to the Westpac Strategy Team, "We have been surprised by the extent of the recent AUDJPY rally but see signs of fatigue. Our base case is for a pullback from the low 86.00s near term to 84.00 by year end."
Factors to weigh on the(pair include a likely RBA rate cut next week(and eventual disappointment over(what Japan LDP leader Abe can actually deliver(in terms of JPY(weakness.
As such, "the AUDJPY has left(behind all major moving averages en route to(trading above 86.00 for the(first time since April - there is no obvious(technical resistance(until about 87.60 trend(lines." the team adds.
Factors to weigh on the(pair include a likely RBA rate cut next week(and eventual disappointment over(what Japan LDP leader Abe can actually deliver(in terms of JPY(weakness.
As such, "the AUDJPY has left(behind all major moving averages en route to(trading above 86.00 for the(first time since April - there is no obvious(technical resistance(until about 87.60 trend(lines." the team adds.
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