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6 Aug 2013
AUD/JPY holding above double 87.25 low ahead of RBA
FXstreet.com (Barcelona) - The AUD/JPY foreign exchange cross rate is last trading at 87.53, off recent session and weekly lows 87.25, bouncing on the back of Aussie strength, despite current Yen strength against the USD, just few hours away from the RBA meeting at 04:30 GMT.
AUD/JPY more downside available
“After consolidating for two months, the Aussie has resumed its downtrend and the second leg of that by recently taking out the 88.93 level,” said founder at 2ndSkiesForex, Chris Capre, adding: “It then confirmed it as a key role reversal level as it pulled right back to it, then sold off another +150 pips since. It is possible the pair could test it again, so we'll look to sell on pullbacks into the level, targeting 87.45 and 85.30 as there is a lot more downside available.”
AUD/JPY key technical levels
Immediate support to the downside for AUD/JPY lies at recent session and August's 01 2013 lows 87.25/23, followed by Dec 07 2012 highs at 86.72, and Nov 26 2012 highs at 86.44 . To the upside, closest resistance shows at current levels as yesterday's lows 87.50, followed by Friday's lows at 87.90, and early NY session highs at 88.04.
AUD/JPY more downside available
“After consolidating for two months, the Aussie has resumed its downtrend and the second leg of that by recently taking out the 88.93 level,” said founder at 2ndSkiesForex, Chris Capre, adding: “It then confirmed it as a key role reversal level as it pulled right back to it, then sold off another +150 pips since. It is possible the pair could test it again, so we'll look to sell on pullbacks into the level, targeting 87.45 and 85.30 as there is a lot more downside available.”
AUD/JPY key technical levels
Immediate support to the downside for AUD/JPY lies at recent session and August's 01 2013 lows 87.25/23, followed by Dec 07 2012 highs at 86.72, and Nov 26 2012 highs at 86.44 . To the upside, closest resistance shows at current levels as yesterday's lows 87.50, followed by Friday's lows at 87.90, and early NY session highs at 88.04.