1 Aug 2013
AUD/JPY breaks below 87.50; lowest in 8 months
FXstreet.com (Barcelona) - The AUD/JPY foreign exchange cross rate is last trading at 87.59, off recent session/weekly lows at 87.20, down -3.7% for the week alone so far, lowest seen since December 2012.
AUD/JPY looking for a downside projection at 86.55
“Further closing below the strong support at 88.94 last session enforced the bearish implication of broken triangle and using the widest part of this formation as measuring yardstick will give a downside projection at 86.55 and this should keep intraday trade on a subdued tone,” said the FXMarketAlerts Team, adding: “Stay shorts.”
AUD/JPY key technical levels
Immediate support to the downside for AUD/JPY lies at recent session and 2013 lows 87.23, followed by Dec 07 2012 highs at 86.72, and Nov 26 2012 highs at 86.44. To the upside, closest resistance shows at NY session lows 87.72, followed by London session highs at 88.54, and Tuesday's lows at 88.66.
AUD/JPY looking for a downside projection at 86.55
“Further closing below the strong support at 88.94 last session enforced the bearish implication of broken triangle and using the widest part of this formation as measuring yardstick will give a downside projection at 86.55 and this should keep intraday trade on a subdued tone,” said the FXMarketAlerts Team, adding: “Stay shorts.”
AUD/JPY key technical levels
Immediate support to the downside for AUD/JPY lies at recent session and 2013 lows 87.23, followed by Dec 07 2012 highs at 86.72, and Nov 26 2012 highs at 86.44. To the upside, closest resistance shows at NY session lows 87.72, followed by London session highs at 88.54, and Tuesday's lows at 88.66.