25 Sep 2013
AUD/JPY finally showing willingness to bounce; 92.87 upside level to beat
FXstreet.com (Barcelona) - AUD/JPY, acting as global risk “tell”, has been sending gloomy messages recently but is trying to stage a rally attempt off the 92.50 level.
AUD/JPY likely to remain the instrument of market-gaming traders as no data due out
The AUD/JPY cross has been and will likely continue to be used to play the risk profile (risk-on or risk-off) of the global financial markets Wednesday. There are no data releases scheduled from either Australia or Japan – so the only force that will likely be affecting AUD/JPY is the global appetite for risk.
Technical outlook for AUD/JPY
Technicians note that the oversold AUD/JPY is bouncing but will have to conquer the 92.87 “correction resistance” level to open up more upside potential for the cross. If the bounce fails at 92.87 or lower, they say another push lower is expected that should take the cross at least down to 91.88.
AUD/JPY likely to remain the instrument of market-gaming traders as no data due out
The AUD/JPY cross has been and will likely continue to be used to play the risk profile (risk-on or risk-off) of the global financial markets Wednesday. There are no data releases scheduled from either Australia or Japan – so the only force that will likely be affecting AUD/JPY is the global appetite for risk.
Technical outlook for AUD/JPY
Technicians note that the oversold AUD/JPY is bouncing but will have to conquer the 92.87 “correction resistance” level to open up more upside potential for the cross. If the bounce fails at 92.87 or lower, they say another push lower is expected that should take the cross at least down to 91.88.