29 Jul 2013
AUD/JPY hovering above Friday’s lows of 90.56. Target 89.39, but will it bounce first?
FXstreet.com (Barcelona) - The AUD/JPY comes into BOJ Governor Kuroda’s speech in the midst of a sharp move lower – seemingly with plenty of room to the downside until meaningful support is tested.
AUD/JPY even with pre-data levels as traders await the Kuroda speech
The Aussie Dollar / Japanese Yen currency cross (AUD/JPY) came into the new week in bear mode and really did not get any help from slightly weaker-than-expected retail trade data – not that any was really expected ahead of Mr. Kuroda’s speech this morning. So, traders await the Kuroda speech for serious short-term directional guidance.
From a bit more of a macro perspective, there was chatter this weekend of the Chinese government becoming more accepting of a lower baseline economic growth rate so that they can “get their house in order”. Click here for more information on this conversation and how it may pertain to the future of the Australian Dollar.
AUDJPY Technical Outlook
Technicians see the AUD/JPY eventually reaching 89.39 before any real support might come into play – although many are calling for even lower prices. Short-term support comes in at Friday’s low of 90.56 and the 7/12 low of 89.683 before the technicians’ target is reached. Short-term upside comes in at last Wednesday’s peak of 92.73 and is backed up by the June 10th peak at 93.79.
AUD/JPY even with pre-data levels as traders await the Kuroda speech
The Aussie Dollar / Japanese Yen currency cross (AUD/JPY) came into the new week in bear mode and really did not get any help from slightly weaker-than-expected retail trade data – not that any was really expected ahead of Mr. Kuroda’s speech this morning. So, traders await the Kuroda speech for serious short-term directional guidance.
From a bit more of a macro perspective, there was chatter this weekend of the Chinese government becoming more accepting of a lower baseline economic growth rate so that they can “get their house in order”. Click here for more information on this conversation and how it may pertain to the future of the Australian Dollar.
AUDJPY Technical Outlook
Technicians see the AUD/JPY eventually reaching 89.39 before any real support might come into play – although many are calling for even lower prices. Short-term support comes in at Friday’s low of 90.56 and the 7/12 low of 89.683 before the technicians’ target is reached. Short-term upside comes in at last Wednesday’s peak of 92.73 and is backed up by the June 10th peak at 93.79.