Forex Flash: Expect Yen weakness and AUD support – OCBC Bank
FXstreet.com (Barcelona) - Emmanuel Ng of OCBC Bank has taken a look at the prospects of USDJPY and AUDUSD for the day ahead.
He begins by noting that with the BoJ more than likely to concede in terms of monetary accommodation, investors should expect Yen weakness to remain on the cards with the 90.00 resistance in close proximity while the nearest support is expected around 88.40. Looking to AUDUSD, Ng feels that the pair may continue to find intrinsic support from AUDJPY, although the 1.0600 area for the former remains intact. He finishes by writing, "Pending further developments, look also to the 1.0500 area to offer near term support before the 55-day MA (1.0447) should support on any dips for now."
He begins by noting that with the BoJ more than likely to concede in terms of monetary accommodation, investors should expect Yen weakness to remain on the cards with the 90.00 resistance in close proximity while the nearest support is expected around 88.40. Looking to AUDUSD, Ng feels that the pair may continue to find intrinsic support from AUDJPY, although the 1.0600 area for the former remains intact. He finishes by writing, "Pending further developments, look also to the 1.0500 area to offer near term support before the 55-day MA (1.0447) should support on any dips for now."
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