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21 Oct 2013
AUD/JPY on trading range above 94.50
FXstreet.com (Chicago) - AUD/JPY extends trading range ahead of Japanese data releases and Tokyo’s opening respecting upward trendline since last week despite exhaustion break at trendline origin.
Rally sustained
Ahead of Japanese trade balance data in Japan along BoJ’s Kuroda speech and other industrial indexes, the pair holds on to last Friday’s rally without further advancements.
AUD/JPY Technical Levels
Technically speaking, the pair breaks through strong 94.50 resistance (tops with September 20th highs) and sustains break out to stall on trading range ahead of Tokyo’s opening. Trading at 94.55, the pair oscillates between supports aligned at 94.54 (September 19th highs), 94 (October 15th highs) ahead of 93.56 (September 10th highs) and the resistances set at 94.89 (March 8th lows), 95.52 (March 2nd lows) followed by 96 (June 1st lows).
Jim Langlands from FXcharts explains “the cross has closed up against the 200 DMA, the weekly Kijun and is in the middle of the weekly cloud so I would expect some choppy sideways trade to come” adding there is “mo real bias - trade the range. Possibly look to buy dips near to 93.50/30 with a SL placed just under 93.00.”
Rally sustained
Ahead of Japanese trade balance data in Japan along BoJ’s Kuroda speech and other industrial indexes, the pair holds on to last Friday’s rally without further advancements.
AUD/JPY Technical Levels
Technically speaking, the pair breaks through strong 94.50 resistance (tops with September 20th highs) and sustains break out to stall on trading range ahead of Tokyo’s opening. Trading at 94.55, the pair oscillates between supports aligned at 94.54 (September 19th highs), 94 (October 15th highs) ahead of 93.56 (September 10th highs) and the resistances set at 94.89 (March 8th lows), 95.52 (March 2nd lows) followed by 96 (June 1st lows).
Jim Langlands from FXcharts explains “the cross has closed up against the 200 DMA, the weekly Kijun and is in the middle of the weekly cloud so I would expect some choppy sideways trade to come” adding there is “mo real bias - trade the range. Possibly look to buy dips near to 93.50/30 with a SL placed just under 93.00.”