12 Jul 2013
AUD/JPY plunges lower
FXstreet.com (New York) - The AUD/JPY technical cross was seen taking a tumble at the Tokyo opening, exacerbating its weakness during Asian trading as the JPY rallies across the board.
Presently, the AUD/JPY is falling at rate of -0.37% off its opening Friday, having settled in the region of 90.54 in these moments. The cross previously breached calculated support at 90.74 (20-day SMA) and will look to test additional measures of correction at 90.31 (June 26 low), ahead of 90.19 (July 3 low).
AUD/JPY strategic bias
According to John Noonan, Head of IFR Markets in Australia, “The AUD/JPY fell over 1.0% Thursday and traded as low as 90.10. This level is key support, as it is a double-bottom and last week's low – ultimately, a Friday close below 90.10 would result in a bearish outside week reversal. Hourly resistance at 90.95 and break would relieve the downward pressure.”
Presently, the AUD/JPY is falling at rate of -0.37% off its opening Friday, having settled in the region of 90.54 in these moments. The cross previously breached calculated support at 90.74 (20-day SMA) and will look to test additional measures of correction at 90.31 (June 26 low), ahead of 90.19 (July 3 low).
AUD/JPY strategic bias
According to John Noonan, Head of IFR Markets in Australia, “The AUD/JPY fell over 1.0% Thursday and traded as low as 90.10. This level is key support, as it is a double-bottom and last week's low – ultimately, a Friday close below 90.10 would result in a bearish outside week reversal. Hourly resistance at 90.95 and break would relieve the downward pressure.”