3 May 2016
AUD/JPY: awaits RBA, extremes could be tested
AUD/JPY is currently trading at 81.51 with a high of 81.62 and a low of 81.49.
AUD/JPY has been trading in a wide daily channel this year between 86.00 and just below 0.78 on the wide in the main with the daily ma's accumulated at circa 83.50/80. There have been big time risk-off slides in the cross and large scale grinding bullish recovery trends at times of improved risk appetite.
The recent downside comes as the BoJ hold fire on the acting as they head back to the drawing board waiting to pounce when markets least expect it, as anything they have tried doing so far has been a cause for a reverse in market lead behaviour as to the Bank's intentions as investors lose confidence in the Japanese economy and the BoJ's subsequent rescue plans. USD/JPY has just printed fresh 18 months lows.
USD/JPY: fell to an 18-month low - FXStreet
Today, the price has been lead by dollar weakness, but the Yen took up the top spot as we approach the RBA today as the next major risk for the cross. Should the RBA cut rates, you might expect to see markets running for cover as the RBA joins the currency wars and the cross to make a case towards new lows for 2016 for the near term.
AUD/JPY levels
AUD/JPY 2016 lows are at 77.58. A break of 80.00 would be a sure road towards such a level but 79.50/80 could be a touch level to break with conviction. On the flip-side, the 20 weekly sma stands at 83.49 ahead of aforementioned channel resistance at 86.00.
AUD/JPY has been trading in a wide daily channel this year between 86.00 and just below 0.78 on the wide in the main with the daily ma's accumulated at circa 83.50/80. There have been big time risk-off slides in the cross and large scale grinding bullish recovery trends at times of improved risk appetite.
The recent downside comes as the BoJ hold fire on the acting as they head back to the drawing board waiting to pounce when markets least expect it, as anything they have tried doing so far has been a cause for a reverse in market lead behaviour as to the Bank's intentions as investors lose confidence in the Japanese economy and the BoJ's subsequent rescue plans. USD/JPY has just printed fresh 18 months lows.
USD/JPY: fell to an 18-month low - FXStreet
Today, the price has been lead by dollar weakness, but the Yen took up the top spot as we approach the RBA today as the next major risk for the cross. Should the RBA cut rates, you might expect to see markets running for cover as the RBA joins the currency wars and the cross to make a case towards new lows for 2016 for the near term.
AUD/JPY levels
AUD/JPY 2016 lows are at 77.58. A break of 80.00 would be a sure road towards such a level but 79.50/80 could be a touch level to break with conviction. On the flip-side, the 20 weekly sma stands at 83.49 ahead of aforementioned channel resistance at 86.00.