31 Jul 2013
Flash: AUD/JPY still below long-term average – Westpac
FXstreet.com (New York) - Global FX Strategist Sean Callow at Westpac postulates the long-term outlook of the AUD/JPY in relation to other AUD crosses.
Key quotes
“Momentum remains at extreme oversold levels for the AUD/JPY, however it holds a firm negative bias. Levels are a risk to the negative view hence we are not being greedy with our targets.”
“The AUD/JPY is still well below its long term average which can’t be said for many AUD crosses. It is in familiar territory with the 90-100 range accounting for about 12% of trade since 1983 and 80-90 a whopping 25%.”
Key quotes
“Momentum remains at extreme oversold levels for the AUD/JPY, however it holds a firm negative bias. Levels are a risk to the negative view hence we are not being greedy with our targets.”
“The AUD/JPY is still well below its long term average which can’t be said for many AUD crosses. It is in familiar territory with the 90-100 range accounting for about 12% of trade since 1983 and 80-90 a whopping 25%.”