26 Mar 2014
AUD/JPY broke above trendline, targeting at 94.24
FXStreet (Moscow) - AUD/JPY got the impulse from the recent Stevens’ speech and reached 3-week high at 94.05 from 93.69 at the open.
Reaching new highs
The pair spent the morning in a quite narrow range, but the comments from Stevens about more positive developments within the national economy helped the pair to break above important trendline from last year highs at 93.85 paving the way for new highs in store. The initial target, if the move is confirmed, is at 94.24 resistance level. The pair has good potential to extend its highs on the possible yen weakness looming as well. The nearing end of repatriation season, and tax hike launch on April, 1, may put the Japanese currency under pressure soon.
What are today’s key AUD/JPY levels?
Today's central pivot point can be found at 93.60, with support below at 93.34 (S1), 92.96 (S2) and 92.70 (S3), with resistance above at 93.98 (R1), 94.24(R2), and 94.62 (R3). Hourly Moving Averages are largely bullish, with the 200SMA at 92.62 and the daily 20EMA bullish at 92.52. Hourly RSI is neutral at 64.
Reaching new highs
The pair spent the morning in a quite narrow range, but the comments from Stevens about more positive developments within the national economy helped the pair to break above important trendline from last year highs at 93.85 paving the way for new highs in store. The initial target, if the move is confirmed, is at 94.24 resistance level. The pair has good potential to extend its highs on the possible yen weakness looming as well. The nearing end of repatriation season, and tax hike launch on April, 1, may put the Japanese currency under pressure soon.
What are today’s key AUD/JPY levels?
Today's central pivot point can be found at 93.60, with support below at 93.34 (S1), 92.96 (S2) and 92.70 (S3), with resistance above at 93.98 (R1), 94.24(R2), and 94.62 (R3). Hourly Moving Averages are largely bullish, with the 200SMA at 92.62 and the daily 20EMA bullish at 92.52. Hourly RSI is neutral at 64.