25 Sep 2013
AUD/JPY at 97.66, 23.6% Fibo level; downward trendline extended
FXstreet.com (Chicago) - AUD/JPY continues trending downward on short-term timeframe after printing lower highs and lower lows post 93.10 visit.
Ahead of corporate balance results in Japan and Tokyo's opening along the RBA’s financial stability review – considered as rather insignificant for currency’s price movement, the pair extends gradual descend on bearish channel originating last September 18th. Double tops marking lower peaks and a plunge below immediate support close to 92.00 zone, reveal a stronger yen. Trading below the EMA20 and suspended around the 23.6% Fibonacci level from last August 30th lows, the pair is offered at 92.69 and navigates between supports aligned at 92.56 (September 17th lows), 92 (September 16th lows) followed by 91.65 (September 12th lows) and the resistances set at 92.95 (September 17th highs), 93.58 (September 19th lows) ahead of 94 (September 20th highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis.
Ahead of corporate balance results in Japan and Tokyo's opening along the RBA’s financial stability review – considered as rather insignificant for currency’s price movement, the pair extends gradual descend on bearish channel originating last September 18th. Double tops marking lower peaks and a plunge below immediate support close to 92.00 zone, reveal a stronger yen. Trading below the EMA20 and suspended around the 23.6% Fibonacci level from last August 30th lows, the pair is offered at 92.69 and navigates between supports aligned at 92.56 (September 17th lows), 92 (September 16th lows) followed by 91.65 (September 12th lows) and the resistances set at 92.95 (September 17th highs), 93.58 (September 19th lows) ahead of 94 (September 20th highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis.