13 Jan 2015
AUD/JPY major support 96.00 under threat
FXStreet (Guatemala) - AUD/JPY is currently trading at 96.27 with a high of 96.60 and a low of 96.05, down 0.26% on the day.
The cross has moved lower as the Yen gathers momentum, taking out critical levels vs the greenback and is through the 118 handle. The move comes as an extension in the Yen's strength that was benefitting overnight while the energy sector dropped out in the US and dragged Wall Street down with it.
Oil has been forecasted to move even further lower by big names and the speculation of that is being weighed up as potentially damaging for the global economy. Risk off markets are back on and brings doubt into whether the greenback will sustain the Yen into the 120's.
However, not many analysts are bettering against the US dollar while focus remains on a divergence between the global central banks and the question comes as where else investors are to park their money? Commodities are another factor that is weighing on the cross, being some 50% down and effecting the value of the Aussie. The RBA is also sighted to be one of the major banks that may need to act this year and cut interest rates. 96.00 is a major support for the cross and is currently under threat while we await the Chinese trade data.
The cross has moved lower as the Yen gathers momentum, taking out critical levels vs the greenback and is through the 118 handle. The move comes as an extension in the Yen's strength that was benefitting overnight while the energy sector dropped out in the US and dragged Wall Street down with it.
Oil has been forecasted to move even further lower by big names and the speculation of that is being weighed up as potentially damaging for the global economy. Risk off markets are back on and brings doubt into whether the greenback will sustain the Yen into the 120's.
However, not many analysts are bettering against the US dollar while focus remains on a divergence between the global central banks and the question comes as where else investors are to park their money? Commodities are another factor that is weighing on the cross, being some 50% down and effecting the value of the Aussie. The RBA is also sighted to be one of the major banks that may need to act this year and cut interest rates. 96.00 is a major support for the cross and is currently under threat while we await the Chinese trade data.