29 Apr 2014
AUD/JPY testing lower edge of its 50 pip range
FXStreet (Bali) - AUD/JPY has been tradign on a heavy tone since the get-go in Asia, posting a session low of 94.57 before a bounce to current 94.70.
The decline in the pair came on broad-based AUD weakness, with recent price action suggesting that specs are again loading up shorts, with commercials starting to turn more heavy buyers, perhaps in anticipation that the rate may still look attractive for hedging strategies against potentially future cheaper prices.
Technically, price has been consolidating in a 50 cents boc below the 95.00 whole number, with a break below 94.50 now targeting 94.00, a level that converges with a sequence of daily highs from Dec 13/Jan 14. On the upside, re-taking 95.00 first and 95.30 next is now needed to ease the easing pressures on the pair.
The decline in the pair came on broad-based AUD weakness, with recent price action suggesting that specs are again loading up shorts, with commercials starting to turn more heavy buyers, perhaps in anticipation that the rate may still look attractive for hedging strategies against potentially future cheaper prices.
Technically, price has been consolidating in a 50 cents boc below the 95.00 whole number, with a break below 94.50 now targeting 94.00, a level that converges with a sequence of daily highs from Dec 13/Jan 14. On the upside, re-taking 95.00 first and 95.30 next is now needed to ease the easing pressures on the pair.