28 Apr 2014
AUD/JPY bounces, limited by 95.00
FXStreet (Bali) - Currently, AUD/JPY is trading at 94.81, up 0.03% on the day, having posted a daily high at 94.93 and low at 94.64.
The selling pressure in the Nikkei 225, which opened -1%, has not been enough to extend losses in the pair, with the Australian Dollar attracting strong buying interest from the get-go in Tokyo.
How strong has the move been?
The hourly FXStreet OB/OS Index is showing neutral conditions, alongside the FXStreet Trend Index which is slightly bullish. At the time of writing, RSI is neutral at 61.88, up from 54.27 at the last hour close, while ADX is ranging at 12.54, down from 20.61 previous. Meanwhile, daily RSI is in neutral territory at 48.75.
On the hourly AUD/JPY chart, the 200 SMA is declining and currently at 94.89, down from the previous hour close at 95.43. On average, the exponential closing price for the past 20 days is 95.16, with the trend indicating a continuation lower ahead.
What price levels and patterns have to be considered?
With spot trading at 94.82, we can see next resistance ahead at 94.93 (Daily High), 95.03 (Yesterday's High), 95.04 (Daily Classic R1), 95.16 (Daily 20 SMA) and 95.20 (Weekly Classic PP). Support below can be found at 94.79 (Daily Open), 94.78 (Weekly Low), 94.78 (Daily Classic PP), 94.77 (Hourly 20 EMA) and 94.64 (Daily Low). Looking to candlestick patterns, we can see a Piercing Line and Engulfing Bullish formation on the 1-hour chart .
The selling pressure in the Nikkei 225, which opened -1%, has not been enough to extend losses in the pair, with the Australian Dollar attracting strong buying interest from the get-go in Tokyo.
How strong has the move been?
The hourly FXStreet OB/OS Index is showing neutral conditions, alongside the FXStreet Trend Index which is slightly bullish. At the time of writing, RSI is neutral at 61.88, up from 54.27 at the last hour close, while ADX is ranging at 12.54, down from 20.61 previous. Meanwhile, daily RSI is in neutral territory at 48.75.
On the hourly AUD/JPY chart, the 200 SMA is declining and currently at 94.89, down from the previous hour close at 95.43. On average, the exponential closing price for the past 20 days is 95.16, with the trend indicating a continuation lower ahead.
What price levels and patterns have to be considered?
With spot trading at 94.82, we can see next resistance ahead at 94.93 (Daily High), 95.03 (Yesterday's High), 95.04 (Daily Classic R1), 95.16 (Daily 20 SMA) and 95.20 (Weekly Classic PP). Support below can be found at 94.79 (Daily Open), 94.78 (Weekly Low), 94.78 (Daily Classic PP), 94.77 (Hourly 20 EMA) and 94.64 (Daily Low). Looking to candlestick patterns, we can see a Piercing Line and Engulfing Bullish formation on the 1-hour chart .