7 Aug 2013
AUD/JPY, on quicksand grounds?
FXstreet.com (Chicago) - AUD/JPY headed down before BoJ’s releases its monetary policy decision for the month tomorrow.
Earlier published data in Australia indicated a stronger construction market in Australia as the AiG performance of construction index for July reached 44.1 vs. previous 39.5. Ahead of the RBA’s Debelle speech and housing data, market participants seemed to have a bearish sentiment towards the pair.
AUD/JPY technical levels
The Aussie fell against a stronger yen despite stock losses at 2.13%. Reaching 6-weeks highs against the greenback, the yen traded up compare to major currency pairs. The Aussie continued to approach immediate support at 87.31 (intraday lows), 87.25 (August 6th lows) ahead of 87.20 July 31st lows). On the upside, resistances were at 87.48 (August 1st lows), 87.56 (December 14th, 2012 lows) and 87.63 (December 24th 2012 lows). The FXstreet rend index reported the pair as slightly bearish as it continued to trade below short and long term moving averages. The MACD and CCI indicators pointed down on one-hour timeframe analysis.
Earlier published data in Australia indicated a stronger construction market in Australia as the AiG performance of construction index for July reached 44.1 vs. previous 39.5. Ahead of the RBA’s Debelle speech and housing data, market participants seemed to have a bearish sentiment towards the pair.
AUD/JPY technical levels
The Aussie fell against a stronger yen despite stock losses at 2.13%. Reaching 6-weeks highs against the greenback, the yen traded up compare to major currency pairs. The Aussie continued to approach immediate support at 87.31 (intraday lows), 87.25 (August 6th lows) ahead of 87.20 July 31st lows). On the upside, resistances were at 87.48 (August 1st lows), 87.56 (December 14th, 2012 lows) and 87.63 (December 24th 2012 lows). The FXstreet rend index reported the pair as slightly bearish as it continued to trade below short and long term moving averages. The MACD and CCI indicators pointed down on one-hour timeframe analysis.