20 Feb 2015
AUD/JPY: 92.00 key support remains under threat
FXStreet (Guatemala) - AUD/JPY is currently trading at 92.71 with a high of 92.76 and a low of 92.65 in early Asia.
AUD/JPY is off to a slow start on the last trading day of the week, with the greenback taking the stage overnight in the European and US session, leaving the Yen on the back foot and taken up through the 119 handle from 11840 territory post yesterday's business on the offer. The AUD/JPY cross moved in the similar fashion, off the lows and crossing into neutral territory at the 92.80 resistance level.
This aforementioned price action has broken the descending trend line at 93.40 onto the 92.17 lows. On a longer term basis, on the four hour, the 92 level acts as critical support ahead of the weekly lows at 89.37 scored at the start of the month. Fundamentally, the Yen is vulnerable still despite recent chatter around concerns of its weakness while the RBA leaves the door open for further easing this year vs a fragile commodity sector weighing on the currency which has been told over and over again by the RBA as being above fundamental value.
AUD/JPY is off to a slow start on the last trading day of the week, with the greenback taking the stage overnight in the European and US session, leaving the Yen on the back foot and taken up through the 119 handle from 11840 territory post yesterday's business on the offer. The AUD/JPY cross moved in the similar fashion, off the lows and crossing into neutral territory at the 92.80 resistance level.
This aforementioned price action has broken the descending trend line at 93.40 onto the 92.17 lows. On a longer term basis, on the four hour, the 92 level acts as critical support ahead of the weekly lows at 89.37 scored at the start of the month. Fundamentally, the Yen is vulnerable still despite recent chatter around concerns of its weakness while the RBA leaves the door open for further easing this year vs a fragile commodity sector weighing on the currency which has been told over and over again by the RBA as being above fundamental value.