15 Nov 2013
AUD/JPY correcting lower over the last hour after big push to the upside; 93.44 support
FXstreet.com (Barcelona) - The AUD/JPY has bounced nicely off of Wednesday’s low of 92.30. Before it can move higher, though, some backing and filling seems to be in progress right now.
AUD/JPY action trading completely in tandem with the global attitude towards risk
The AUD/JPY cross, acting as a proxy for the global risk appetite, is signaling more upside may be ahead – but only after some very short-term correcting lower.
Today, AUD/JPY traders will be trading exclusively on technicals and the global risk trade rather than any Aussie or Japanese data.
Technical outlook for AUD/JPY
Technicians say the AUD/JPY’s chart indicates support on this pullback at 93.52 and 93.44 – both of which are Fibonacci retracements of the most recent up leg for the cross. Resistance comes in at the session high of 93.77 and is followed up by the upside pivot at 94.
AUD/JPY action trading completely in tandem with the global attitude towards risk
The AUD/JPY cross, acting as a proxy for the global risk appetite, is signaling more upside may be ahead – but only after some very short-term correcting lower.
Today, AUD/JPY traders will be trading exclusively on technicals and the global risk trade rather than any Aussie or Japanese data.
Technical outlook for AUD/JPY
Technicians say the AUD/JPY’s chart indicates support on this pullback at 93.52 and 93.44 – both of which are Fibonacci retracements of the most recent up leg for the cross. Resistance comes in at the session high of 93.77 and is followed up by the upside pivot at 94.