21 Mar 2014
AUD/JPY ready to attack 92.85 resistance again
FXStreet (Barcelona) - AUD/JPY
is trading firmer on Friday, getting into closer contact with 92.85/93.00 resistance zone, following a week of appreciation on the exchange rate, with a range of 91.20/92.85.
AUD/JPY technical outlook
Technically, AUD/JPY has been well supported by the confluence of 91.00/91.20, where an ascending trendline and static support converged. With the focus now on higher ground, longs should clear 92.85/93.00 first to potentially extend the scope for further gains towards the next area of resistance circa 93.75/85 (descending trendline off April 2013 high) ahead of 94.25/50, strong horizontal resistance. On the downside, topside failure sees 92.20/92.00 as initial support.
is trading firmer on Friday, getting into closer contact with 92.85/93.00 resistance zone, following a week of appreciation on the exchange rate, with a range of 91.20/92.85.
AUD/JPY technical outlook
Technically, AUD/JPY has been well supported by the confluence of 91.00/91.20, where an ascending trendline and static support converged. With the focus now on higher ground, longs should clear 92.85/93.00 first to potentially extend the scope for further gains towards the next area of resistance circa 93.75/85 (descending trendline off April 2013 high) ahead of 94.25/50, strong horizontal resistance. On the downside, topside failure sees 92.20/92.00 as initial support.