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30 Sep 2013
AUD/JPY rebounding after gap down on general bounce in risk assets
FXstreet.com (Barcelona) - The AUD/JPY cross is rebounding nicely Monday after a fear-induced gap lower at the open.
AUD/JPY traders to look to global mood for guidance the rest of the way Monday
The AUD/JPY cross has gapped lower on the geo-political concerns in Italy and the US and the rebounded off the lows on an apparent easing of some of those concerns. Mixed in with the US and Italy concerns was mixed data out of Japan and Australia.
Still due out today will be Japanese housing data – directly influencing the cross – and a host of European and US data that may influence the overall risk trade.
Technical outlook for AUD/JPY
Technicians note that AUD/JPY traded just below closing support at 90.73 when it touched 90.72 a few hours ago. Below that level, the next support comes in at 89.87. Resistance comes in at 91.29 – short-term Fibonacci-generated “correction resistance”. Above that is Friday’s close of 91.59.
AUD/JPY traders to look to global mood for guidance the rest of the way Monday
The AUD/JPY cross has gapped lower on the geo-political concerns in Italy and the US and the rebounded off the lows on an apparent easing of some of those concerns. Mixed in with the US and Italy concerns was mixed data out of Japan and Australia.
Still due out today will be Japanese housing data – directly influencing the cross – and a host of European and US data that may influence the overall risk trade.
Technical outlook for AUD/JPY
Technicians note that AUD/JPY traded just below closing support at 90.73 when it touched 90.72 a few hours ago. Below that level, the next support comes in at 89.87. Resistance comes in at 91.29 – short-term Fibonacci-generated “correction resistance”. Above that is Friday’s close of 91.59.