10 Jun 2013
AUD/JPY consolidating below 92.50
FXstreet.com (Barcelona) - The AUD/JPY is drifting higher in Asia trade, at one point trading as high as 92.77 before finding resistance and leaking back towards 92.30
Given the volatile trading from last week, it’s worth pointing out a few technical developments on the daily chart which may help influence the pair early on this week. After trading all the way down to 90.53 last Friday, the pair put on an impressive rally climbing all the way back to close at 92.54. The candle which formed can be viewed as a bullish “hammer bottom”, which is worth keeping an eye on given the steep declines the pair has seen since early May
Initial resistance remains at 92.77 (high of session), followed by 93.42 (previous support, now resistance on 1 hour chart). First support sits at 92.00 (the 20dma on 1 hour chart), followed by 91.80 (low of session). The “hammer bottom” candle is impressive, but the bulls will need to show additional follow through early this week in order to help further improve the technical set up.
Given the volatile trading from last week, it’s worth pointing out a few technical developments on the daily chart which may help influence the pair early on this week. After trading all the way down to 90.53 last Friday, the pair put on an impressive rally climbing all the way back to close at 92.54. The candle which formed can be viewed as a bullish “hammer bottom”, which is worth keeping an eye on given the steep declines the pair has seen since early May
Initial resistance remains at 92.77 (high of session), followed by 93.42 (previous support, now resistance on 1 hour chart). First support sits at 92.00 (the 20dma on 1 hour chart), followed by 91.80 (low of session). The “hammer bottom” candle is impressive, but the bulls will need to show additional follow through early this week in order to help further improve the technical set up.