19 Jul 2013
AUD/JPY sliced through “correction” resistance at 92.012. Is ST ceiling at 93.066 next?
FXstreet.com (Barcelona) - The AUD/JPY cross has worked its way higher since the July 12th low – and nothing changed Thursday. The cross managed to blow right through short-term “correction” resistance (resistance that should have held up if this up move were merely a correction – according to technicians) at 92.012.
Traders will be watching the news flow out of Japan Friday to see if any of the data points has the power to halt the Yen’s recent slide. Japan will see their foreign investment numbers, their Industry Activity Index and their Coincident Index all released before the end of the day. Visit our Economic Calendar for more info on the data expectations and history: http://www.fxstreet.com/economic-calendar/.
AUD/JPY still looks bearish overall despite potential for more upside in the short-term:
Analysts overall have been calling for the AUD/JPY to continue to bounce and work its way out of an oversold condition. The longer-term outlook for the cross looks less than promising, however. Only a daily close above 93.765 will turn the bullishness up according to several technicians. Shorter-term traditional S1 comes in at 91.6; S2 at 90.669; and, S3 at 89.683. First resistance comes in at 93.066; R2 at 93.765; and, R3 at 95.284.
Traders will be watching the news flow out of Japan Friday to see if any of the data points has the power to halt the Yen’s recent slide. Japan will see their foreign investment numbers, their Industry Activity Index and their Coincident Index all released before the end of the day. Visit our Economic Calendar for more info on the data expectations and history: http://www.fxstreet.com/economic-calendar/.
AUD/JPY still looks bearish overall despite potential for more upside in the short-term:
Analysts overall have been calling for the AUD/JPY to continue to bounce and work its way out of an oversold condition. The longer-term outlook for the cross looks less than promising, however. Only a daily close above 93.765 will turn the bullishness up according to several technicians. Shorter-term traditional S1 comes in at 91.6; S2 at 90.669; and, S3 at 89.683. First resistance comes in at 93.066; R2 at 93.765; and, R3 at 95.284.