7 Apr 2014
AUD/JPY: Holds near 97.00 post sharp 97.50 rejection
FXStreet (Bali) - AUD/JPY is trading just below the 97.00 mark following an abrupt rotation off 97.50 last Friday, which puts into question whether the uptrend can continue or a relief correction may develop short term.
BoJ, Aus jobs, China trade eyed
The key events to keep an eye on in AUD/JPY this week are tomorrow's BoJ monetary policy decision, in which no changes in rhetoric are expected until the central bank can draw some conclusions over the impact of a sales tax hike; later on Thursday, the Australian jobs report and China's trade figures will also provide new impetus.
AUD/JPY technicals
From a technical standpoint, the AUDJPY appears to be in the midst of a developing uptrend with a decent potential to extend gains after breaking above the Oct 23 high, which also represents the 50% fib retrac from the March - Sept 2013. On the flip side, the fact that the USD/JPY may have ended a bullish technical phase, coupled with the AUD/USD trading at multi-month highs circa 0.93, warrants caution.
BoJ, Aus jobs, China trade eyed
The key events to keep an eye on in AUD/JPY this week are tomorrow's BoJ monetary policy decision, in which no changes in rhetoric are expected until the central bank can draw some conclusions over the impact of a sales tax hike; later on Thursday, the Australian jobs report and China's trade figures will also provide new impetus.
AUD/JPY technicals
From a technical standpoint, the AUDJPY appears to be in the midst of a developing uptrend with a decent potential to extend gains after breaking above the Oct 23 high, which also represents the 50% fib retrac from the March - Sept 2013. On the flip side, the fact that the USD/JPY may have ended a bullish technical phase, coupled with the AUD/USD trading at multi-month highs circa 0.93, warrants caution.