16 Apr 2014
AUD/JPY circa 95.50 after 95.70 session high
FXStreet (Bali) - AUD/JPY is trading around 95.50 after posting a session highs at 95.70 following China's headline GDP number, which satisfied expectations by showing a 7.4% YoY in Q1.
Additionally, the current breakout of 102.10 resistance in USD/JPY, which continues underpinned by a soaring Nikkei 225 (+2.2), has led to recent Yen losses to extend. It will be important to also keep an eye on AUD/USD, presently struggling to regain 0.9560/65 resistance.
Technically, range-bound conditions between 95.00 and 96.00 continue to dominate the pair, with Tuesday's attempts to weaken the AUD through 95.00 proving futile after a 94.85 low proved to be a false breakout before the short squeeze.
A clear breakout of either extreme is necessary to define the pair. On the upside, a break of 96.00 would open up 96.50 and 97.00, while on the downside, sustained weakness through 95.00 may expose 94.20/30 key support area.
Additionally, the current breakout of 102.10 resistance in USD/JPY, which continues underpinned by a soaring Nikkei 225 (+2.2), has led to recent Yen losses to extend. It will be important to also keep an eye on AUD/USD, presently struggling to regain 0.9560/65 resistance.
Technically, range-bound conditions between 95.00 and 96.00 continue to dominate the pair, with Tuesday's attempts to weaken the AUD through 95.00 proving futile after a 94.85 low proved to be a false breakout before the short squeeze.
A clear breakout of either extreme is necessary to define the pair. On the upside, a break of 96.00 would open up 96.50 and 97.00, while on the downside, sustained weakness through 95.00 may expose 94.20/30 key support area.