11 Nov 2013
AUD/JPY off Monday – may have more downside to endure before correction is over; 92.10 target
FXstreet.com (Barcelona) - With the US and several other countries taking the day off Monday and with a relatively light data calendar for those countries still open for business, global traders seem to be limiting their trading activity until everyone is back on Tuesday.
AUD/JPY action Monday a bit counter-intuitive
With the Asian equity markets on the rise (“risk-on”), the natural thought is that the Yen wwould be tumbling – thereby boosting the AUD/JPY. That is not the case on Monday, however, with the Yen rallying righ along with the Nikkei and other key Asia-Pacific equity indices. Analysts are saying that this is not a phenomenon that will last, though.
Technical outlook for AUD/JPY
Technicians say the AUD/JPY’s chart indicated for the last several days that the cross should eventually move higher but that a short-term pullback seemed to be in order. Now it appears that pullback has started. Support or the downside target for AUD/JPY on this pullback is 92.10 with 90.98 backing that up. Resistance comes in at the recent upside pivot at 94 and is backed up by the 10/22 peak at 95.67.
AUD/JPY action Monday a bit counter-intuitive
With the Asian equity markets on the rise (“risk-on”), the natural thought is that the Yen wwould be tumbling – thereby boosting the AUD/JPY. That is not the case on Monday, however, with the Yen rallying righ along with the Nikkei and other key Asia-Pacific equity indices. Analysts are saying that this is not a phenomenon that will last, though.
Technical outlook for AUD/JPY
Technicians say the AUD/JPY’s chart indicated for the last several days that the cross should eventually move higher but that a short-term pullback seemed to be in order. Now it appears that pullback has started. Support or the downside target for AUD/JPY on this pullback is 92.10 with 90.98 backing that up. Resistance comes in at the recent upside pivot at 94 and is backed up by the 10/22 peak at 95.67.