23 Jun 2014
AUD/JPY on the verge of a major technical breakout
FXStreet (Bali) - AUD/JPY is on the verge of breakign through a sticky resistance level at 94.00/94.00, with the latest quotes showing the rate exchanging hands at 94.20 highs following an upbeat Chinese HSBC PMI.
The Chinese PMI data showed a much wider positive divergence than the market was expecting (50.8 actual vs 49.7), resulting on strong inflows favouring the AUD across the board.
The pair is well positioned to potentially see a major technical breakout should a daily close above 94.00/94.20 be confirmed. Setbacks should find immediate support at the 95.90/96.00 now.
The Chinese PMI data showed a much wider positive divergence than the market was expecting (50.8 actual vs 49.7), resulting on strong inflows favouring the AUD across the board.
The pair is well positioned to potentially see a major technical breakout should a daily close above 94.00/94.20 be confirmed. Setbacks should find immediate support at the 95.90/96.00 now.