6 Dec 2013
AUD/JPY desperately hanging on to support at 92.10
FXstreet.com (Barcelona) - AUD/JPY has been hit hard over the last week by Aussie economic and trade concerns. The damage has been minimal from a technical perspective – but that could change with just a little more downside action.
AUD/JPY traders to react to Japanese data and the risk attitude Friday
The AUD/JPY is teetering on the brink of a technical breakdown as traders await the Japanese Leading Economic Index and Coincident Economic Index data at 05:00 GMT. For the remainder of the session, any directional turns in the cross will likely emanate from institutional managers utilizing AUD/JPY as a proxy for the risk trade – either getting long in a risk-on environment or getting short in a safety-first environment.
Technical outlook for AUD/JPY
Technicians say the AUD/JPY’s chart indicates key support at 92.10. a break of that level will likely lead to a move down to 91.06 – a lower Fibonacci projection. Resistance for the cross comes in at the 12/02 high of 94.01 and is backed up by the 11/20 high of 94.60.
AUD/JPY traders to react to Japanese data and the risk attitude Friday
The AUD/JPY is teetering on the brink of a technical breakdown as traders await the Japanese Leading Economic Index and Coincident Economic Index data at 05:00 GMT. For the remainder of the session, any directional turns in the cross will likely emanate from institutional managers utilizing AUD/JPY as a proxy for the risk trade – either getting long in a risk-on environment or getting short in a safety-first environment.
Technical outlook for AUD/JPY
Technicians say the AUD/JPY’s chart indicates key support at 92.10. a break of that level will likely lead to a move down to 91.06 – a lower Fibonacci projection. Resistance for the cross comes in at the 12/02 high of 94.01 and is backed up by the 11/20 high of 94.60.