5 Mar 2015
AUD/JPY hovers around 50-DMA
FXStreet (Mumbai) - AUD/JPY advanced in the Asian session, bouncing off lows after Reserve Bank of Australia (RBA) Lowe’s comments boosted the Aussie, while weaker yen also kept the cross buoyed.
AUD/JPY faces stiff resistance at 94 handle
Currently, the AUD/JPY trades higher by 0.14% at 93.72 levels, slipping from session highs at 93.90 scored on RBA Lowe’s speech. AUD/JPY remains elevated, although restricted at 94 handle, after RBA Lowe’s pro-exchange rate comments overshadows dismal Oz retail sales and trade data. On the JPY side of the story, the yen was sold-off in the Asian morning as the USD bulls continue to remains boosted across the board, adding to further gains in the cross.
Overall, the cross is likely to extend its consolidation phase so long as it breaches a firm resistance at 94 levels and gives a closing above that level on daily basis.
AUD/JPY Levels to consider
To the upside, the next resistance is located at 94 levels and above which it could extend gains to at 94.66 levels. To the downside immediate support might be located at 93.49 (5-DMA) levels below that at 93.03 (20-DMA) levels.
AUD/JPY faces stiff resistance at 94 handle
Currently, the AUD/JPY trades higher by 0.14% at 93.72 levels, slipping from session highs at 93.90 scored on RBA Lowe’s speech. AUD/JPY remains elevated, although restricted at 94 handle, after RBA Lowe’s pro-exchange rate comments overshadows dismal Oz retail sales and trade data. On the JPY side of the story, the yen was sold-off in the Asian morning as the USD bulls continue to remains boosted across the board, adding to further gains in the cross.
Overall, the cross is likely to extend its consolidation phase so long as it breaches a firm resistance at 94 levels and gives a closing above that level on daily basis.
AUD/JPY Levels to consider
To the upside, the next resistance is located at 94 levels and above which it could extend gains to at 94.66 levels. To the downside immediate support might be located at 93.49 (5-DMA) levels below that at 93.03 (20-DMA) levels.