30 Aug 2013
AUD/JPY consolidating a bit after first stage of corrective bounce; upside target 90.12
FXstreet.com (Barcelona) - The AUD/JPY – the nouveau global risk proxy - continued its bounce off of its short-term downside support at 86.39 Thursday as it topped out at near 88 at 02:00 GMT and has been consolidating / correcting since.
Data mixed from Japan and Aussie data a non-event
Japanese inflation data hinted at the idea that deflation may no longer be an issue for them, but industrial production numbers came in on the disappointing side – taking away any optimism that had percolated from the inflation data. Later in the session, Australian credit levels came out and had little / no effect on the AUD/JPY.
Technical outlook for AUD/JPY
Technicians are sticking with their call for a corrective move higher up to 90.12 for AUD/JPY. However, a very short-term move lower to around 87.43 may / should occur before the rest of the move higher plays out. Shorter-term resistance for AUD/JPY comes in at 87.92.
Data mixed from Japan and Aussie data a non-event
Japanese inflation data hinted at the idea that deflation may no longer be an issue for them, but industrial production numbers came in on the disappointing side – taking away any optimism that had percolated from the inflation data. Later in the session, Australian credit levels came out and had little / no effect on the AUD/JPY.
Technical outlook for AUD/JPY
Technicians are sticking with their call for a corrective move higher up to 90.12 for AUD/JPY. However, a very short-term move lower to around 87.43 may / should occur before the rest of the move higher plays out. Shorter-term resistance for AUD/JPY comes in at 87.92.