2 Jul 2014
AUD/JPY: Setback finds bids ahead of 96.10
FXStreet (Bali) - AUD/JPY is trading some 30 odd pips lower following a negative surprise in the Australian trade balance, which fell by 1,911M vs -121M estimates.
On Tuesday, the pair was buoyed by the constant chase for high-yielding trades, which coupled with an old fashion risk rally and a major breakout in AUD/USD, helped the AUD/JPY close above the sticky 96.00 area.
If buyers are to keep control of this market, the round number should now be protected on this current pullback, otherwise risk is for further slide towards 95.70. If the bullish tone is regained though, 96.40/50 becomes the immediate resistance area ahead of 97.00.
On Tuesday, the pair was buoyed by the constant chase for high-yielding trades, which coupled with an old fashion risk rally and a major breakout in AUD/USD, helped the AUD/JPY close above the sticky 96.00 area.
If buyers are to keep control of this market, the round number should now be protected on this current pullback, otherwise risk is for further slide towards 95.70. If the bullish tone is regained though, 96.40/50 becomes the immediate resistance area ahead of 97.00.