3 Sep 2013
AUD/JPY breaking multi-month trendline, 90.00 next target
FXstreet.com (Barcelona) - AUD/JPY continues its semi-vertical moves by breaking through 89.50, an important technical level that converges with a descending trendline coming off 105.40 year high.
Headed for 90.00?
The spike higher may be open some stop loss buying, now expected to fuel the bullish momentum for an attempt towards the next immediate target at 90.00 round number, where the pair struggled in several occasions earlier on August.
RBA eyed
The case for further rises in the exchange rate will be largely dependable on the RBA policy decision due at 12.30GMT today. For a preview about the event, the Asian Team at FXstreet.com wrote an analysis a few hours ago.
Traders should note there is also the retail sales risk headline out of Australia at 1.30GMT, an event which should produce some additional volatility in the Australian Dollar. Later this week, the BoJ will also be publishing its monetary policy decision, with no change expected.
Headed for 90.00?
The spike higher may be open some stop loss buying, now expected to fuel the bullish momentum for an attempt towards the next immediate target at 90.00 round number, where the pair struggled in several occasions earlier on August.
RBA eyed
The case for further rises in the exchange rate will be largely dependable on the RBA policy decision due at 12.30GMT today. For a preview about the event, the Asian Team at FXstreet.com wrote an analysis a few hours ago.
Traders should note there is also the retail sales risk headline out of Australia at 1.30GMT, an event which should produce some additional volatility in the Australian Dollar. Later this week, the BoJ will also be publishing its monetary policy decision, with no change expected.