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9 Sep 2015
AUD/JPY minor recovery testing key resistance
FXStreet (Guatemala) - AUD/JPY has rallied in the wake of risk on markets that took over from a rebound in China yesterday, that spilled over the European bourses and the US who returned back from labour day yesterday, propelling Wall Street into bullish territory again.
The Yen was crippled as a result across the board of crosses. USD/JPY rallied from 119.10, through the 50 SMA in the hourly sticks and kept going until meeting up with the 200 SMA on the same time frames where resistance has capped the major. The same price action can be seen for AUD/JPY.
We now await how the positive Wall Street closes might spill over to Asia and keep the Yen under for now. The data tonight lies with the Australian economy and a speech from RBA's Lowe is also taking market's attention. This speech is at the Committee for Economic Development of Australia and Lowe will give an insight to the Australian economy and outlook. Beforehand, we will have Westpac consumer confidence and home loans data.
AUD/JPY testing upside key resistance
Technically, AUD/JPY needs to clear the 20-SMA on the hourly sticks to open 86.46, 87.16 and 89.16 but remains under pressure below the 50 DMA at 89.54 in the broader trend stemming from June's downtrend and death cross at 95.20. 81.98 are Black Monday lows.
The Yen was crippled as a result across the board of crosses. USD/JPY rallied from 119.10, through the 50 SMA in the hourly sticks and kept going until meeting up with the 200 SMA on the same time frames where resistance has capped the major. The same price action can be seen for AUD/JPY.
We now await how the positive Wall Street closes might spill over to Asia and keep the Yen under for now. The data tonight lies with the Australian economy and a speech from RBA's Lowe is also taking market's attention. This speech is at the Committee for Economic Development of Australia and Lowe will give an insight to the Australian economy and outlook. Beforehand, we will have Westpac consumer confidence and home loans data.
AUD/JPY testing upside key resistance
Technically, AUD/JPY needs to clear the 20-SMA on the hourly sticks to open 86.46, 87.16 and 89.16 but remains under pressure below the 50 DMA at 89.54 in the broader trend stemming from June's downtrend and death cross at 95.20. 81.98 are Black Monday lows.