27 Dec 2013
AUD/JPY drifting around the flat line in light holiday trading; upside target 94.21
FXstreet.com (Barcelona) - Despite Friday’s listless action, AUD/JPY still on the track of higher prices – ultimate upside target comes into play at 99.65 with 94.21 as next ST stop.
AUD/JPY traders likely not to disrupt current upside momentum until after next week
With no more data due out from Australia and Japan this week, AUD/JPY traders will have to rely only on existing momentum and technicals for guidance Friday – and likely even early next week. Only some minor Australian economic data is due out Tuesday and Thursday of next week.
Once everyone returns from holiday, the quest will continue to see which of the two countries’ economic leaderships can talk and behave more dovishly.
Technical outlook for AUD/JPY
Technicians say the AUD/JPY has support at 91.61 (the low from last Thursday) and is followed up by last Wednesday’s low at 91.05. Resistance comes in at the 12/10 high of 94.21 and is followed up by the 11/20 high at 94.60.
AUD/JPY traders likely not to disrupt current upside momentum until after next week
With no more data due out from Australia and Japan this week, AUD/JPY traders will have to rely only on existing momentum and technicals for guidance Friday – and likely even early next week. Only some minor Australian economic data is due out Tuesday and Thursday of next week.
Once everyone returns from holiday, the quest will continue to see which of the two countries’ economic leaderships can talk and behave more dovishly.
Technical outlook for AUD/JPY
Technicians say the AUD/JPY has support at 91.61 (the low from last Thursday) and is followed up by last Wednesday’s low at 91.05. Resistance comes in at the 12/10 high of 94.21 and is followed up by the 11/20 high at 94.60.