13 Jan 2015
AUD/JPY pressures mounting to the downside
FXStreet (Guatemala) - AUD/JPY is currently trading at 96.33 with a high of 97.01 and a low of 96.05 and down 0.20% on the day.
AUD/JPY has continued on the offer while bulls were denied on the minor bounce to the 97 handle and put back into line of the broader bearish trend set back in november on the 102 handle.
The Yen got a boost overnight when the currency dropped below the 118 handle vs the dollar. This move was short lived although it is significant. This may signify an extension of the range, fuelling Yen bulls in a risk off environment amidst plenty of noise and market affairs to be cautious over.
The fundamentals alone may have traders on the sidelines as analysts try to resolve the significance of lower oil for 2015, and falling commodity prices that not only support the Yen but weigh on the Aussie. Technically, 96.00 is a key support ahead of 95.80 and 94.00 ahead of October lows of 91.76.
AUD/JPY has continued on the offer while bulls were denied on the minor bounce to the 97 handle and put back into line of the broader bearish trend set back in november on the 102 handle.
The Yen got a boost overnight when the currency dropped below the 118 handle vs the dollar. This move was short lived although it is significant. This may signify an extension of the range, fuelling Yen bulls in a risk off environment amidst plenty of noise and market affairs to be cautious over.
The fundamentals alone may have traders on the sidelines as analysts try to resolve the significance of lower oil for 2015, and falling commodity prices that not only support the Yen but weigh on the Aussie. Technically, 96.00 is a key support ahead of 95.80 and 94.00 ahead of October lows of 91.76.