23 Dec 2013
AUD/JPY inching higher on no-news day for the two countries; waiting for US data later
FXstreet.com (Barcelona) - AUD/JPY rallied over the second half of last week – reflecting the decision by the big money to stay with and add on to the risk-on trade. The action to start this week is very quiet – but is still continuing last week’s bullish action.
AUD/JPY traders will be patiently waiting for directional drivers from US data Monday
There is a void of meaningful data points from the Asia-Pacific and European markets on Monday, so AUD/JPY traders will have to wait for the US session to get any data to which they can react. The US data points for Monday include:
• Chicago Fed National Activity Index
• Personal Consumption and Spending data
• Reuters / University of Michigan Consumer Sentiment
Technical outlook for AUD/JPY
Technicians say the AUD/JPY has support at 91.61 (the low from last Thursday) and is followed up by last Wednesday’s low at 91.05. Resistance comes in at the 12/10 high of 94.21 and is followed up by the 11/20 high at 94.60.
AUD/JPY traders will be patiently waiting for directional drivers from US data Monday
There is a void of meaningful data points from the Asia-Pacific and European markets on Monday, so AUD/JPY traders will have to wait for the US session to get any data to which they can react. The US data points for Monday include:
• Chicago Fed National Activity Index
• Personal Consumption and Spending data
• Reuters / University of Michigan Consumer Sentiment
Technical outlook for AUD/JPY
Technicians say the AUD/JPY has support at 91.61 (the low from last Thursday) and is followed up by last Wednesday’s low at 91.05. Resistance comes in at the 12/10 high of 94.21 and is followed up by the 11/20 high at 94.60.