25 Aug 2015
AUD/JPY recovery limited by 87.00m back to 85.00
FXStreet (Córdoba) - AUD/JPY plummeted yesterday amid a stronger yen in the market, following a sharp decline in stocks around the globe. The pair bottomed around 825.00 but rebounded and ended trading slightly above 85.00, the lowest close in two and a half years.
Today volatility eased and the pair extended the recovery. On European hours it peaked at 87.15 and failed to hold above 87.00 and pulled back. Recently found support at 85.50, and it was trading at 85.80/90, 80 pips above yesterday’s closing price.
AUD/JPY: A bottom?
Despite today’s recovery the pair is trading 560 pips below the level it had a week ago. Yesterday it suffered the worst decline in months; it was the fifth daily loss in a row.
AUD/JPY is trading below a long term support area located around 86.30 and 87.30; if it manages to rise back above the aussie could climb further but if it remains under, it could drop to test Monday’s lows and then 80.00.
Today volatility eased and the pair extended the recovery. On European hours it peaked at 87.15 and failed to hold above 87.00 and pulled back. Recently found support at 85.50, and it was trading at 85.80/90, 80 pips above yesterday’s closing price.
AUD/JPY: A bottom?
Despite today’s recovery the pair is trading 560 pips below the level it had a week ago. Yesterday it suffered the worst decline in months; it was the fifth daily loss in a row.
AUD/JPY is trading below a long term support area located around 86.30 and 87.30; if it manages to rise back above the aussie could climb further but if it remains under, it could drop to test Monday’s lows and then 80.00.