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4 Nov 2013
AUD/JPY sparked by data targeting 93.60
FXstreet.com (Chicago) - AUD/JPY seems to react positively to Australian data releases to now accumulate over 30 pips won so far.
With Japanese markets closed today on holiday, Australian data releases along market participants’ reactions are set to affect the pair’s price action. Shortly after the publication the TD securities inflation results in Australia, matching prior 2.1%, the Aussie strengthens.
AUD/JPY Technical Levels
Technically speaking, the pair extends sideways movement around 50% Fibo level (from 97 lows to 95.50 highs). On 4HR charts, a double bottom pattern may be in formation as the pair bounced off last Friday’s 92.70 session lows. Offered at 93.45, the pair oscillates between the supports aligned at 93.24 (October 25th lows), 92.84 (October 29th lows) ahead of 92.38 (October 9th highs) and the resistances set at 93.61 (October 30th highs), 94 (October 28th highs) followed by 94.34 (October 24th highs).
According to Jim Langlands from FXcharts, “The cross has been choppy but has traded with a heavy bias over the last week and this looks as though it could continue in the days ahead. There is good support at 92.15 and while this may well be tested, it could easily hold and thus I would not be looking for too much more on the downside. If wrong, look for further declines towards 91.60 and possibly to 91.00. At the same time, the topside looks a bit limited and should run into sellers at around 94.50. For the coming week I would use this range as a guide, not looking for too much more in either direction.”
With Japanese markets closed today on holiday, Australian data releases along market participants’ reactions are set to affect the pair’s price action. Shortly after the publication the TD securities inflation results in Australia, matching prior 2.1%, the Aussie strengthens.
AUD/JPY Technical Levels
Technically speaking, the pair extends sideways movement around 50% Fibo level (from 97 lows to 95.50 highs). On 4HR charts, a double bottom pattern may be in formation as the pair bounced off last Friday’s 92.70 session lows. Offered at 93.45, the pair oscillates between the supports aligned at 93.24 (October 25th lows), 92.84 (October 29th lows) ahead of 92.38 (October 9th highs) and the resistances set at 93.61 (October 30th highs), 94 (October 28th highs) followed by 94.34 (October 24th highs).
According to Jim Langlands from FXcharts, “The cross has been choppy but has traded with a heavy bias over the last week and this looks as though it could continue in the days ahead. There is good support at 92.15 and while this may well be tested, it could easily hold and thus I would not be looking for too much more on the downside. If wrong, look for further declines towards 91.60 and possibly to 91.00. At the same time, the topside looks a bit limited and should run into sellers at around 94.50. For the coming week I would use this range as a guide, not looking for too much more in either direction.”