10 Jul 2014
AUD/JPY is badly beaten; 95.10 support in sight
FXStreet (Moscow) - AUD/JPY continues to slide after a mixed labour market data from Australia; The cross retreated from the Asian high of 95.96 and moved to current level of 95.41.
Labour market got Aussie down
AUD/JPY bought into the broad based Aussie volatility caused by Australian labour market report. Fairly positive headline number of new jobs triggered the knee-jerk Aussie buying. But the devil is in the details, as always, thus investors quickly changed their minds. On a longer-term scale the cross has been sitting in a range since the end of March. The upper border comes at 96.00, while the lower limit is seen a t 94.10/00. Actually, fundamentally induced retreat is well supported by long-term technical factors,that point out to deeper downside correction with the nearest target at 95.10/00. This level might stop the bears for some time, but once it is broken, the downside will extend to 94.60 and 94.10.
What price levels and patterns have to be considered?
Spot is presently trading at 95.43, and next resistance can be seen at 95.47 (Daily Classic S1), 95.47 (Weekly Low), 95.52 (Hourly 100 SMA), 95.59 (Hourly 20 EMA) and 95.61 (Daily Classic PP).
Support below can be found at 95.40 (Monthly Low), 95.39 (Yesterday's Low), 95.38 (Daily Low), 95.25 (Daily Classic S2) and 95.11 (Daily Classic S3).
Labour market got Aussie down
AUD/JPY bought into the broad based Aussie volatility caused by Australian labour market report. Fairly positive headline number of new jobs triggered the knee-jerk Aussie buying. But the devil is in the details, as always, thus investors quickly changed their minds. On a longer-term scale the cross has been sitting in a range since the end of March. The upper border comes at 96.00, while the lower limit is seen a t 94.10/00. Actually, fundamentally induced retreat is well supported by long-term technical factors,that point out to deeper downside correction with the nearest target at 95.10/00. This level might stop the bears for some time, but once it is broken, the downside will extend to 94.60 and 94.10.
What price levels and patterns have to be considered?
Spot is presently trading at 95.43, and next resistance can be seen at 95.47 (Daily Classic S1), 95.47 (Weekly Low), 95.52 (Hourly 100 SMA), 95.59 (Hourly 20 EMA) and 95.61 (Daily Classic PP).
Support below can be found at 95.40 (Monthly Low), 95.39 (Yesterday's Low), 95.38 (Daily Low), 95.25 (Daily Classic S2) and 95.11 (Daily Classic S3).