10 Dec 2013
AUD/JPY trying to break away from daily range
FXstreet.com (Bali) - AUD/JPY keeps finding dip buying interest in the Asian session, with shallow pullbacks towards 93.70 (session low) being gratefully bought as the pair attempts to unravel daily range conditions.
After trading inside a daily kumo cloud for over 2 weeks, last Friday's price action saw an aggressive move up taking the rate away from its neutral daily conditions. However, clusters of offers remain near by, with 94.10 immediate resistance to overcome ahead of 94.50 and 95.00.
On the downside, price action has been erratic, making it hard to pick areas where strong buying interest may appear. That being said, the latest hourly swing lows at 93.50/70 should provide intraday support.
After trading inside a daily kumo cloud for over 2 weeks, last Friday's price action saw an aggressive move up taking the rate away from its neutral daily conditions. However, clusters of offers remain near by, with 94.10 immediate resistance to overcome ahead of 94.50 and 95.00.
On the downside, price action has been erratic, making it hard to pick areas where strong buying interest may appear. That being said, the latest hourly swing lows at 93.50/70 should provide intraday support.