9 Jan 2014
AUD/JPY finds support at 93.00 and trims losses after Australian data
FXstreet.com (Córdoba) - The AUD/JPY moved off daily lows after the release of economic data in Australia and reached a fresh daily high at 93.44 after rounding from 93.04. The Yen strengthened in the initial hours of the Asian session following a negative opening of stocks in Japan, where the Nikkei 225 is falling more than 1%.
Technical outlook for the AUD/JPY
On a wider view, the AUD/JPY continues to move sideways without breaking January highs or lows. On Wednesday finished unchanged around 93.30, just a few pips above where is currently trading.
To the downside, a key short-term support is located around 93.00, area that capped the downside several times since the beginning of 2014. A break below could trigger more declines. To the upside, the AUD/JPY was unable during the recent American session to break above 93.80 that has become a resistance area to watch. Above the next resistance is located at 94.10 where December and January highs lie.
Technical outlook for the AUD/JPY
On a wider view, the AUD/JPY continues to move sideways without breaking January highs or lows. On Wednesday finished unchanged around 93.30, just a few pips above where is currently trading.
To the downside, a key short-term support is located around 93.00, area that capped the downside several times since the beginning of 2014. A break below could trigger more declines. To the upside, the AUD/JPY was unable during the recent American session to break above 93.80 that has become a resistance area to watch. Above the next resistance is located at 94.10 where December and January highs lie.