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10 Mar 2014
AUD/JPY extends decline below 93.60
FXStreet (Córdoba) - The AUD/JPY opened lower on Monday, trading at 93.35 and rebounded slightly afterwards but unable to rise above 93.60. Weak economic data from China, pushed the Aussie to the downside across the board.
AUD/JPY losses upside momentum, but remains bullish
On Friday the AUD/JPY finished flat after being unable to hold to gains. Following the release of the US employment report rose to 94.46 but pulled back, to finish the week around 93.60, posting the highest weekly close since early January. Currently the pair is retreating further, trading near daily lows around 93.35/40.
Jim Langlands from FX Charts notes that the AUD/JPY looks sets to continue to the upside, toward Friday’s highs of 94.47 and once above it could rise further to 95.65.
But Langlands points out that in a short-term time frame some downside correction is possible: “In the shorter term though the 4 hour charts have become overbought and are pointing lower for a possible near term test of 93.00 and possibly towards the first Fibo support is at 92.75 (23.6 % of 90.05/94.47)”.
AUD/JPY losses upside momentum, but remains bullish
On Friday the AUD/JPY finished flat after being unable to hold to gains. Following the release of the US employment report rose to 94.46 but pulled back, to finish the week around 93.60, posting the highest weekly close since early January. Currently the pair is retreating further, trading near daily lows around 93.35/40.
Jim Langlands from FX Charts notes that the AUD/JPY looks sets to continue to the upside, toward Friday’s highs of 94.47 and once above it could rise further to 95.65.
But Langlands points out that in a short-term time frame some downside correction is possible: “In the shorter term though the 4 hour charts have become overbought and are pointing lower for a possible near term test of 93.00 and possibly towards the first Fibo support is at 92.75 (23.6 % of 90.05/94.47)”.