7 Nov 2013
AUD/JPY, will it be enough to get to 94?
FXstreet.com (Chicago) - AUD/JPY jumps off immediate support after dipping below it momentarily ahead of Australian and Japanese data releases.
With better than expected Australian data, market participants seem slightly bullish on an Aussie that strengthens against the yen prior to Tokyo’s opening. Labor data is due within hours implying more volatility for all the Aussie crosses.
AUD/JPY Technical Levels
Price action reveals the pair attempts to drift away from immediate support aiming to break the bearish channel that started after the retracement from the 94 front. Although hourly charts evidence a strong resistance around that area, the upward trendline remains intact with possibilities of further advancements if the Australian labor market data favors the economy. Offered at 93.92, the pair navigates between the supports aligned at 93.87 (November 4th highs), 92.63 (October 27th lows) ahead of 92 (October 4th highs) and the resistances set at 94.34 (October 24th highs), 94.97 (October 18th highs) followed by 95.71 (October 22nd highs). According to the FXstreet.com trend index, the pair is slightly bearish on one-hour timeframe analysis with a neutral EMA20.
With better than expected Australian data, market participants seem slightly bullish on an Aussie that strengthens against the yen prior to Tokyo’s opening. Labor data is due within hours implying more volatility for all the Aussie crosses.
AUD/JPY Technical Levels
Price action reveals the pair attempts to drift away from immediate support aiming to break the bearish channel that started after the retracement from the 94 front. Although hourly charts evidence a strong resistance around that area, the upward trendline remains intact with possibilities of further advancements if the Australian labor market data favors the economy. Offered at 93.92, the pair navigates between the supports aligned at 93.87 (November 4th highs), 92.63 (October 27th lows) ahead of 92 (October 4th highs) and the resistances set at 94.34 (October 24th highs), 94.97 (October 18th highs) followed by 95.71 (October 22nd highs). According to the FXstreet.com trend index, the pair is slightly bearish on one-hour timeframe analysis with a neutral EMA20.