19 Jan 2015
AUD/JPY knocked down to 96.11 as 97.00 proves reliable
FXStreet (Bali) - After printing the largest 1-day gain since Nov 11, which put an end to 4 consecutive days of losses last week, the AUD/JPY is coming into pressure once again in Asia.
AUD/JPY saw its impressive bull run from Friday, which almost doubled its average daily range (14 period), being capped by the daily 20SMA at the key round number 97.00 - confluence -, from where sales were initiated during today's Tokyo session, with the rate breaking 96.50 support and setting a session low of 96.11.
From an order flow standpoint, while heavy buying of USDJPY late Friday, paired with the resilience of the AUD/USD above 0.82 kept the AUD/JPY in strong demand, today's USD/JPY topside failure through 117.50, combined with Japanese accounts active sellers of AUD/JPY, have resulted in a 50+ pips sell-off in the last hour. Technically, 96.00 is immediate support followed by 95.50, while on the upside, 97.00 continues to be a hard nut to crack, with solid selling interest from 96.50 and beyond also eyed.
AUD/JPY saw its impressive bull run from Friday, which almost doubled its average daily range (14 period), being capped by the daily 20SMA at the key round number 97.00 - confluence -, from where sales were initiated during today's Tokyo session, with the rate breaking 96.50 support and setting a session low of 96.11.
From an order flow standpoint, while heavy buying of USDJPY late Friday, paired with the resilience of the AUD/USD above 0.82 kept the AUD/JPY in strong demand, today's USD/JPY topside failure through 117.50, combined with Japanese accounts active sellers of AUD/JPY, have resulted in a 50+ pips sell-off in the last hour. Technically, 96.00 is immediate support followed by 95.50, while on the upside, 97.00 continues to be a hard nut to crack, with solid selling interest from 96.50 and beyond also eyed.