30 Jan 2015
AUD/JPY oscillates at 92 and trades as a fade on rallies
FXStreet (Guatemala) - AUD/JPY is trading at 91.81 having dropped from 92.24 highs with a bid Yen from pre Tokyo open and is appearing a sell o rallies scenario.
Japanese data came out in a group of events that has the Yen on a better footing with the CPI (ex food and oil) decreasing while the unemployment rate was better than expected. We also had the Industrial Production that came in as a disappointment. Meanwhile analysts at TD Securities explained that
AUD/JPY’s decline over the turn of the year may slow or even reverse partially from support in the 92 area but the underlying trend is liable to remain adverse for the AUD going forward.
"If there is a bounce from the channel base/October low support area (there is no real evidence of anything more than a short-term consolidation on the intraday charts so far) we think rebounds may struggle near 94/95", explained the analysts.
Japanese data came out in a group of events that has the Yen on a better footing with the CPI (ex food and oil) decreasing while the unemployment rate was better than expected. We also had the Industrial Production that came in as a disappointment. Meanwhile analysts at TD Securities explained that
AUD/JPY’s decline over the turn of the year may slow or even reverse partially from support in the 92 area but the underlying trend is liable to remain adverse for the AUD going forward.
"If there is a bounce from the channel base/October low support area (there is no real evidence of anything more than a short-term consolidation on the intraday charts so far) we think rebounds may struggle near 94/95", explained the analysts.