11 Apr 2014
AUD/JPY confined in a 95.00-96.00 range
FXStreet (Bali) - AUD/JPY trades around the 95.50 mark ahead of the Tokyo open, with the exchange rate being rejected yet again off the 96.00 round number on Thursday.
AUD, JPY follow similar profitable paths this week
During the course of this week, the AUD was unable to muster further gains against the JPY, even on the back of an encouraging jobs report out of Australia last Thursday, which shows labour conditions starting to moderately pick up. However, the JPY strength this week has been quite remarkable, supported by falling US yields, stocks and a less dovish-than-expected BoJ on Tuesday, failing to qualify AUD/JPY for further gains.
AUD/JPY outlook
Technically, the market remains on a bullish profile, although in the last few days, a consolidation between 95.00 and 96.00/96.50 has been predominant as the market awaits new catalysts. A breakout of the range is necessary to define the next move. While a loss of 95.00 may suggest an extension down towards 94.20 key support, a sustainable break of 96.00 should be seen to aim for a resumption of the uptrend.
AUD, JPY follow similar profitable paths this week
During the course of this week, the AUD was unable to muster further gains against the JPY, even on the back of an encouraging jobs report out of Australia last Thursday, which shows labour conditions starting to moderately pick up. However, the JPY strength this week has been quite remarkable, supported by falling US yields, stocks and a less dovish-than-expected BoJ on Tuesday, failing to qualify AUD/JPY for further gains.
AUD/JPY outlook
Technically, the market remains on a bullish profile, although in the last few days, a consolidation between 95.00 and 96.00/96.50 has been predominant as the market awaits new catalysts. A breakout of the range is necessary to define the next move. While a loss of 95.00 may suggest an extension down towards 94.20 key support, a sustainable break of 96.00 should be seen to aim for a resumption of the uptrend.