23 Jan 2014
AUD/JPY rises for the third day in a row
FXstreet.com (Córdoba) - The AUD/JPY finished with strong gains on Wednesday hovering around 92.50, up 75 pips from the previous day, supported by inflation data from Australia. Early in Asia, the pair trades with marginal gains, as stocks in Japan opened higher with the Nikkei 225 up 0.45% in the first minutes of trading.
Double bottom at 91.00 for the AUD/JPY?
The AUD/JPY bottomed at the beginning of the week at 91.05, at the same level it dropped on December 18th, forming a potential double bottom. The main resistance of the formation lies at 94.05 that capped the upside several times during the second half of December.
The short-term bias favors the upside, with key support around 92.00 where an hourly rising trendline is crossing. Below the next support lies at 91.50/55 (January 21 low) and 91.05 (January 20 low).
Double bottom at 91.00 for the AUD/JPY?
The AUD/JPY bottomed at the beginning of the week at 91.05, at the same level it dropped on December 18th, forming a potential double bottom. The main resistance of the formation lies at 94.05 that capped the upside several times during the second half of December.
The short-term bias favors the upside, with key support around 92.00 where an hourly rising trendline is crossing. Below the next support lies at 91.50/55 (January 21 low) and 91.05 (January 20 low).