12 May 2015
AUD/JPY heading for a correction?
FXStreet (Guatemala) - AUD/JPY is currently trading at 94.76 with a high of 94.92 and a low of 94.73.
AUD/JPY is trading in wait and see mode having been a bid overnight and now settled in a slow Tokyo session ahead of Aussie Home-loans and the 2015/16 federal budget coming up in early European session hours. The news is not expected to be bullish while iron ore prices and GDP have failed to impress with slower growth and a disinflationary environment.
Japanese Yen lacks drivers at the start of the week while we await Kuroda's speech later in the week. The cross will be subject to flows in the Aussie while the Yen fluctuates within ranges of the broader range that the major has been changing hands within for some time since the beginning of Feb this year.
Technically, the cross has been bid since just above the 4hr SMA 100 contact at 91.79 post 15th April rally from 90.70 and has been contained on two occasions by circa 96 resistance. Key support comes at 94 the figure and the 4hr 50 SMA. 94.50 is supporting the cross currently while a break below to 92.80/00 would confirm a correction that has started to initiate with momentum dropping back along the ascending support line.
AUD/JPY is trading in wait and see mode having been a bid overnight and now settled in a slow Tokyo session ahead of Aussie Home-loans and the 2015/16 federal budget coming up in early European session hours. The news is not expected to be bullish while iron ore prices and GDP have failed to impress with slower growth and a disinflationary environment.
Japanese Yen lacks drivers at the start of the week while we await Kuroda's speech later in the week. The cross will be subject to flows in the Aussie while the Yen fluctuates within ranges of the broader range that the major has been changing hands within for some time since the beginning of Feb this year.
Technically, the cross has been bid since just above the 4hr SMA 100 contact at 91.79 post 15th April rally from 90.70 and has been contained on two occasions by circa 96 resistance. Key support comes at 94 the figure and the 4hr 50 SMA. 94.50 is supporting the cross currently while a break below to 92.80/00 would confirm a correction that has started to initiate with momentum dropping back along the ascending support line.