22 Dec 2014
AUD/JPY resting up ahead of 98.00 overhead
FXStreet (Guatemala) - AUD/JPY is trading at 97.57, up 0.28% on the day, having posted a daily high at 97.73 and low at 97.10.
AUD/JPY has stalled post the come back from 95.20 up to 97.60 and back above the 50% retracement of 2014 low/high. We are now in a sideways channel on the hourly chart with 98.00 overhead acting as a psychological resistance.
Meanwhile, the pair is contained fundamentally with an RBA that is determined to talk the Aussie down and by the prospects of interest rate cuts to in 2015 while is has been estimated by the RBA that GDP is going to be below trend due to a subdued labour market weighing on consumption growth. We will now turn attentions towards Japans data this week and BoJ minutes.
AUD/JPY has stalled post the come back from 95.20 up to 97.60 and back above the 50% retracement of 2014 low/high. We are now in a sideways channel on the hourly chart with 98.00 overhead acting as a psychological resistance.
Meanwhile, the pair is contained fundamentally with an RBA that is determined to talk the Aussie down and by the prospects of interest rate cuts to in 2015 while is has been estimated by the RBA that GDP is going to be below trend due to a subdued labour market weighing on consumption growth. We will now turn attentions towards Japans data this week and BoJ minutes.