18 Nov 2013
AUD/JPY facing important resistance at 94.15
FXstreet.com (Barcelona) - The AUD/JPY has bounced nicely off of last Wednesday’s low of 92.30. Before it can move substantially higher, though, the hurdle at 94.15 needs to be cleared.
AUD/JPY action lagging and not leading the equity markets right now
While equities (US equities at least) are reaching new highs almost daily recently, the AUD/JPY cross (one of the key “risk tells” in the currency arena) is having to work awfully hard to get anywhere near near highs – and that’s despite the very weak Yen of late.
Monday, AUD/JPY traders will be trading exclusively on technicals and the global risk trade rather than any Aussie or Japanese data – given the lack of such data due out during the session.
Technical outlook for AUD/JPY
Technicians say the AUD/JPY’s chart indicates key resistance at the 11/6 high of 94.15 with the 10/22 peak at 95.67 backing that up. Support comes in at the 11/13 low at 92.30 and is backed up by the 10/22 low at 90.98.
AUD/JPY action lagging and not leading the equity markets right now
While equities (US equities at least) are reaching new highs almost daily recently, the AUD/JPY cross (one of the key “risk tells” in the currency arena) is having to work awfully hard to get anywhere near near highs – and that’s despite the very weak Yen of late.
Monday, AUD/JPY traders will be trading exclusively on technicals and the global risk trade rather than any Aussie or Japanese data – given the lack of such data due out during the session.
Technical outlook for AUD/JPY
Technicians say the AUD/JPY’s chart indicates key resistance at the 11/6 high of 94.15 with the 10/22 peak at 95.67 backing that up. Support comes in at the 11/13 low at 92.30 and is backed up by the 10/22 low at 90.98.