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14 Jan 2015
AUD/JPY tumbles to 95.70 low, Copper headlines dominate
FXStreet (Bali) - AUD/JPY is selling off aggressively in Asia, as news of copper crashing over 8.5% weigh on the pair, which combined with a strong Yen during Tokyo, adds extra pressure, leading the pair to test solid bids around 95.65/70 key support.
Technical analysis - Westpac
"The 2014 top was confirmed by a bearish monthly reversal candle in December, as it was at previous tops above 102 in 2008 and 2013. The 2014 top was accompanied by a negative LT momentum shift. Note that the 5 previous negative LT momentum shifts, since 2008, have pre-empted a material decline (minimum 16%). This bearish backdrop highlights a minimum decline towards 91.80/00 in the coming 4-6 weeks. A weekly close below 95.85 is the next bearish trigger to watch."
Technical analysis - Westpac
"The 2014 top was confirmed by a bearish monthly reversal candle in December, as it was at previous tops above 102 in 2008 and 2013. The 2014 top was accompanied by a negative LT momentum shift. Note that the 5 previous negative LT momentum shifts, since 2008, have pre-empted a material decline (minimum 16%). This bearish backdrop highlights a minimum decline towards 91.80/00 in the coming 4-6 weeks. A weekly close below 95.85 is the next bearish trigger to watch."