19 May 2015
AUD/JPY breaches 95.60 support, 95.00 next target?
FXStreet (Bali) - AUD/JPY came under intense selling pressure, following the dovish tone in today's RBA minutes, re-introducing an implicit easing bias, noting further policy action not limited by lack of guidance.
Earlier this month, the RBA surprised the market by removing an explicit easing bias from its statement, producing a sizeable bullish outside day reversal candle. The bullish effects of such a major turn-around in order flow saw the AUD/JPY extend gains for the next 7 trading days up until faced with 97.00, where a daily bearish pin bar was printed.
After 2 days of follow through to the downside, today's dovish interpretation of the RBA minutes has facilitated a 3rd bear extension day, breaking support at 95.60, which leaves the doors wide open for a target of 95.00.
Earlier this month, the RBA surprised the market by removing an explicit easing bias from its statement, producing a sizeable bullish outside day reversal candle. The bullish effects of such a major turn-around in order flow saw the AUD/JPY extend gains for the next 7 trading days up until faced with 97.00, where a daily bearish pin bar was printed.
After 2 days of follow through to the downside, today's dovish interpretation of the RBA minutes has facilitated a 3rd bear extension day, breaking support at 95.60, which leaves the doors wide open for a target of 95.00.