28 Jul 2015
AUD/JPY: Carving out a new range to the downside
FXStreet (Guatemala) - AUD/JPY is currently trading at 89.62 with a high of 89.78 and a low of 89.34.
The vulnerable and volatile AUD/JPY cross has continued its southerly trajectory below the 90.00 level and at this rate the cross could be headed to meet the july lows of 89.16 and then Jan 2014 lows at 88.23 and 86.39 Aug 2013 lows.
AUD/JPY headed for even lower?
Daniel Been, analysts at ANZ explained that AUD/JPY is looking increasingly vulnerable to any spike in volatility and is at risk of forging a new, lower range. "Market sentiment is souring with stocks weakening, high yield debt and emerging markets under-performing. Higher currency volatility should follow. We recommend selling AUD/JPY at 89.70, targeting 85.00 and with a stop at 92.30."
The vulnerable and volatile AUD/JPY cross has continued its southerly trajectory below the 90.00 level and at this rate the cross could be headed to meet the july lows of 89.16 and then Jan 2014 lows at 88.23 and 86.39 Aug 2013 lows.
AUD/JPY headed for even lower?
Daniel Been, analysts at ANZ explained that AUD/JPY is looking increasingly vulnerable to any spike in volatility and is at risk of forging a new, lower range. "Market sentiment is souring with stocks weakening, high yield debt and emerging markets under-performing. Higher currency volatility should follow. We recommend selling AUD/JPY at 89.70, targeting 85.00 and with a stop at 92.30."