17 Jul 2014
AUD/JPY: Downside risks growing
FXStreet (Bali) - AUD/JPY is trading at 95.19, down -0.08% on the day, having posted a daily high at 95.30 and low at 95.14.
The hourly FXStreet OB/OS Index is showing neutral conditions, alongside the FXStreet Trend Index which is slightly bullish. At the time of writing, RSI is neutral at 44.27, down from 51.97 at the last hour close, while ADX is trending at 38.55, up from 37.49 previous. Meanwhile, daily RSI is in neutral territory at 46.42.
According to Sean Lee, Founder at FXWW: "Very solid technical resistance now at 96.55; Short-term market sentiment seems to have swung in JPY favour; The RBA will continue to try and talk the AUD down; USD/JPY is in sideways trading pattern but reportedly very large stops below 100.70 could get targeted."
"Most of the short-term indicators are bearish imho and with an obvious stop-loss level above 96.55, I prefer the short side for now. The longer-term trend is bullish in my view and any 300/400 pip sell-offs are undoubted buying opportunities."
The hourly FXStreet OB/OS Index is showing neutral conditions, alongside the FXStreet Trend Index which is slightly bullish. At the time of writing, RSI is neutral at 44.27, down from 51.97 at the last hour close, while ADX is trending at 38.55, up from 37.49 previous. Meanwhile, daily RSI is in neutral territory at 46.42.
According to Sean Lee, Founder at FXWW: "Very solid technical resistance now at 96.55; Short-term market sentiment seems to have swung in JPY favour; The RBA will continue to try and talk the AUD down; USD/JPY is in sideways trading pattern but reportedly very large stops below 100.70 could get targeted."
"Most of the short-term indicators are bearish imho and with an obvious stop-loss level above 96.55, I prefer the short side for now. The longer-term trend is bullish in my view and any 300/400 pip sell-offs are undoubted buying opportunities."