3 Oct 2014
AUD/JPY in range mode ahead of NFP
FXStreet (Bali) - AUD/JPY continues to chop around directionless ahead of the US NFP, likely to inject fresh order flow to potentially see a resolution of the current 96.00-95.00 day range, established for the past 5-6 days.
Looking at upcoming flows impacting AUD/JPY, we see the AUD/USD trying to set a temporary bottom around 0.8660-70, although major clusters of offers are still being reported above 0.88, then again at 0.8865 up to 0.89. Meanwhile, USD/JPY is starting to shift risks to the downside, after the 108.30-50 zone was absorbed overnight. If selling pressure increases, looks like there is some significant downside scope for bears until 107.40-106.75 demand area.
Looking at upcoming flows impacting AUD/JPY, we see the AUD/USD trying to set a temporary bottom around 0.8660-70, although major clusters of offers are still being reported above 0.88, then again at 0.8865 up to 0.89. Meanwhile, USD/JPY is starting to shift risks to the downside, after the 108.30-50 zone was absorbed overnight. If selling pressure increases, looks like there is some significant downside scope for bears until 107.40-106.75 demand area.