29 May 2014
AUD/JPY bulls aim at the resistance of 94.50
FXStreet (Moscow) - AUD/JPY recovered from the Asian low at 93.67 and settled well above 94.00; the resistance of 94.50 is in sight.
AUD/JPY bulls has a long way to go
AUD/JPY has been reversing losses since the low of 93.03 tested on May 21. The cross is supported by general Aussie recovery attempts, though for the bulls it is too early to claim victory. On a longer-term scale the cross desperately needs to return above 95.00 to get a chance for more sustained upside. On the intraday basis, the Asian volatility of AUD/JPY was caused by somewhat misleading Australian private capes expenditure. The headline number for the first quarter came out worse than expected, and pushed the Aussie lower (the cross reached intraday low at 93.67), but the expectations for 2014/15 has improved, thus the market had the second thought about the Australian economy. AUD/JPY is well above 94.00, but further upside may be capped by 94.50 (yesterday’s high). Bearish setbacks might be limited by 94.00
What price levels and patterns have to be considered?
Current price is 94.36, with resistance ahead at 94.42 (Weekly High), 94.44 (Daily High), 94.50 (Daily Classic R1), 94.55 (Yesterday's High) and 94.60 (Daily 20 SMA).
Support below can be found at 94.17 (Hourly 100 SMA), 94.14 (Hourly 200 SMA), 94.12 (Weekly Classic PP), 94.11 (Daily Classic PP) and 94.09 (Hourly 20 EMA).
AUD/JPY bulls has a long way to go
AUD/JPY has been reversing losses since the low of 93.03 tested on May 21. The cross is supported by general Aussie recovery attempts, though for the bulls it is too early to claim victory. On a longer-term scale the cross desperately needs to return above 95.00 to get a chance for more sustained upside. On the intraday basis, the Asian volatility of AUD/JPY was caused by somewhat misleading Australian private capes expenditure. The headline number for the first quarter came out worse than expected, and pushed the Aussie lower (the cross reached intraday low at 93.67), but the expectations for 2014/15 has improved, thus the market had the second thought about the Australian economy. AUD/JPY is well above 94.00, but further upside may be capped by 94.50 (yesterday’s high). Bearish setbacks might be limited by 94.00
What price levels and patterns have to be considered?
Current price is 94.36, with resistance ahead at 94.42 (Weekly High), 94.44 (Daily High), 94.50 (Daily Classic R1), 94.55 (Yesterday's High) and 94.60 (Daily 20 SMA).
Support below can be found at 94.17 (Hourly 100 SMA), 94.14 (Hourly 200 SMA), 94.12 (Weekly Classic PP), 94.11 (Daily Classic PP) and 94.09 (Hourly 20 EMA).