5 Nov 2013
AUD/JPY struggles to stay above 93.80
FXstreet.com (Chicago) - AUD/JPY edges higher as evidences by higher lows yet lower highs ahead of Tokyo’s opening and the RBA’s interest rate decision. The last interest rate was set at 2.5% and expectations remain the same. Results have demonstrated economic improvements in Australia.
AUD/JPY Technical Levels
Price action reveals a pair that extends bullish channel despite gradual and slow ascension. After capping around the 93.80 front, the pair continues attempting a breakout above immediate resistance. If RBA’s interest rate decision favors the Aussie, the chances of a breakthrough are high as primary and secondary trend point up. Offered at 93.75, the pair navigates between the supports aligned at 93.40 (October 23rd lows), 92.96 (October 25th lows) ahead of 92.49 (October 11th lows) and the resistances set at 93.83 (November 4th highs), 94.35 (October 23rd highs) followed by 94.93 (October 21st highs).
AUD/JPY Technical Levels
Price action reveals a pair that extends bullish channel despite gradual and slow ascension. After capping around the 93.80 front, the pair continues attempting a breakout above immediate resistance. If RBA’s interest rate decision favors the Aussie, the chances of a breakthrough are high as primary and secondary trend point up. Offered at 93.75, the pair navigates between the supports aligned at 93.40 (October 23rd lows), 92.96 (October 25th lows) ahead of 92.49 (October 11th lows) and the resistances set at 93.83 (November 4th highs), 94.35 (October 23rd highs) followed by 94.93 (October 21st highs).