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12 Aug 2013
AUD/JPY offered below 88.50 after Japan GDP upsets
FXstreet.com (Barcelona) - The AUD/JPY foreign exchange cross rate is last trading at 88.40 off recent session lows at 88.06 printed on the back of lower than expected Japan GDP as tax rise looms.
AUD/JPY a base put in place above 86.25
“AUD/JPY bottom-pickers will be hoping that previous resistance levels at 89.00/30 can be surmounted and put a base in place above the 86.25 Fibo,” said FXWW founder Sean Lee, adding: “I’m staying fairly neutral on this cross in the short-term, but longer-term I think we are trading at quite ‘cheap’ levels. Sorry for sounding like a broken record, but I think this AUD short-covering story could become a big one in the next week or so.”
AUD/JPY key technical levels
Immediate resistance to the upside for AUD/JPY shows at Friday's highs 88.77, followed by Aug 02 highs at 89.18, and July 15 lows at 89.64. To the downside, closest support lies at recent session lows 88.06, followed by August 02 lows at 87.89, and August 01/06 lows at 87.25/19.
AUD/JPY a base put in place above 86.25
“AUD/JPY bottom-pickers will be hoping that previous resistance levels at 89.00/30 can be surmounted and put a base in place above the 86.25 Fibo,” said FXWW founder Sean Lee, adding: “I’m staying fairly neutral on this cross in the short-term, but longer-term I think we are trading at quite ‘cheap’ levels. Sorry for sounding like a broken record, but I think this AUD short-covering story could become a big one in the next week or so.”
AUD/JPY key technical levels
Immediate resistance to the upside for AUD/JPY shows at Friday's highs 88.77, followed by Aug 02 highs at 89.18, and July 15 lows at 89.64. To the downside, closest support lies at recent session lows 88.06, followed by August 02 lows at 87.89, and August 01/06 lows at 87.25/19.