31 Jul 2013
AUD/JPY prints fresh 2013 lows under 89
FXstreet.com (Barcelona) - The AUD/JPY foreign exchange cross rate is last trading at 88.90 asks, off recent fresh 2013 lows at 88.69, a -2.28% lower for the week so far, mostly on the back of massive Aussie weakness following yesterday's ugly domestic data and RBA Stevens comments.
AUD/JPY breaks lower a bearish flag
The cross has finally broken to the downside the ascending channel started on June 13 lows around same levels that is trading at the moment, proving it developed as a bearish flag pattern, with a measured target now at around the 87 mark, past December lows. “AUD/USD has consolidated yesterday’s losses and looks likely to test 90.00 at some stage today, especially if AUD/JPY selling picks up,” said FXWW founder Sean Lee.
AUD/JPY key technical levels
Immediate support to the downside for AUD/JPY lies at recent session/fresh 2013 lows 88.69, followed by March 02 2012 highs at 88.00, and Dec 21 2012 lows at 87.49. To the upside, closest resistance shows at current levels as June 13 lows 88.93, followed by June 20/21 89.08/13, and early NY session highs at 89.20.
AUD/JPY breaks lower a bearish flag
The cross has finally broken to the downside the ascending channel started on June 13 lows around same levels that is trading at the moment, proving it developed as a bearish flag pattern, with a measured target now at around the 87 mark, past December lows. “AUD/USD has consolidated yesterday’s losses and looks likely to test 90.00 at some stage today, especially if AUD/JPY selling picks up,” said FXWW founder Sean Lee.
AUD/JPY key technical levels
Immediate support to the downside for AUD/JPY lies at recent session/fresh 2013 lows 88.69, followed by March 02 2012 highs at 88.00, and Dec 21 2012 lows at 87.49. To the upside, closest resistance shows at current levels as June 13 lows 88.93, followed by June 20/21 89.08/13, and early NY session highs at 89.20.