13 Dec 2013
AUD/JPY breaking out?
FXstreet.com (London) - AUD/JPY is attacking the upside of the descending resistance line making higher highs on the thirty minute chart.
The market has digested the ‘old news’ which came over night when Glenn Stevens surprised markets with his overall dovish tone overnight suggesting the economy would be doing better if the currency were trading closer to 0.8500. Meanwhile, the JPY has been on the back foot with the dollar rallying across the board. Strategists at BBH said, “The US dollar and yen are generally firm in what appears to be mostly a light bout of position squaring after a loss of downside momentum”.
AUD/JPY Levels
AUD/JPY RSI (14) is 48.11 indicating the pair has room to move further through the resistance line, breaking a strong trend to the downside. The pair is sub the pivot at 92.43 with a combination of the EMA’s being neutral.
The market has digested the ‘old news’ which came over night when Glenn Stevens surprised markets with his overall dovish tone overnight suggesting the economy would be doing better if the currency were trading closer to 0.8500. Meanwhile, the JPY has been on the back foot with the dollar rallying across the board. Strategists at BBH said, “The US dollar and yen are generally firm in what appears to be mostly a light bout of position squaring after a loss of downside momentum”.
AUD/JPY Levels
AUD/JPY RSI (14) is 48.11 indicating the pair has room to move further through the resistance line, breaking a strong trend to the downside. The pair is sub the pivot at 92.43 with a combination of the EMA’s being neutral.