23 Aug 2013
AUD/JPY rallying following bullish reversal Thursday
FXstreet.com (Barcelona) - The AUD/JPY posted the dreaded “bearish engulfing” candle which typically means a change of direction to the downside.
China’s PMI gave AUD/JPY a big-time boost
China’s PMI came out ahead of estimates Thursday and gave everything levered to China a boost of energy. The AUD/JPY cross opened lower but finished higher in what is referred to in technical circles as a bullish engulfing candle. This type of candle typically means that the short-term direction is higher.
Technical outlook for AUD/JPY
Technicians say the key resistance for AUD/JPY comes in at 91.34 (Fibonacci generated). Support for AUD/JPY comes in at the low from yesterday of 87.40.
China’s PMI gave AUD/JPY a big-time boost
China’s PMI came out ahead of estimates Thursday and gave everything levered to China a boost of energy. The AUD/JPY cross opened lower but finished higher in what is referred to in technical circles as a bullish engulfing candle. This type of candle typically means that the short-term direction is higher.
Technical outlook for AUD/JPY
Technicians say the key resistance for AUD/JPY comes in at 91.34 (Fibonacci generated). Support for AUD/JPY comes in at the low from yesterday of 87.40.