AUD/JPY still limited below 92.00

FXstreet.com (Barcelona) - The AUD/JPY foreign exchange cross rate is last trading at 0.9163, a +0.85% higher since previous Asia-Pacific open yesterday, mostly on the back of Aussie strength and broad USD weakness.

AUD/JPY technicals favour consolidation

“Overall market sentiment is still bearish AUD so I wouldn’t chase it higher just yet, something major would have to change for that to happen,” said FXWW founder Sean Lee, noting that “technicals favour further 90/93 consolidation.” The AUD/JPY cross has been trading around current quote since early June.

AUD/JPY key technical levels

Immediate resistance to the upside for AUD/JPY shows at recent NY session weekly highs 91.90, followed by July 01/11/05 highs at 92.22/28, and June 12/July 03 highs at 92.45/48. To the downside, closets support is seen at July 08 lows 91.38, followed by July 10 lows at 91.01, and July 03/11 lows at 90.08.