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AUD/JPY below parity looks to counterparts

FXstreet.com (London) - The Aussie dollar has been a poor performer this week (month), and has lost major ground to the JPY on Yen liquidation in a highly long USD market.

The AUD/JPY has been tested again through parity and now struggles below a resistance line forming in the European session at the 100.00 handle. A close below this psychological line may confirm the prospect for a descending wedge formation on the daily chart. This support line was first tested in April after a decline in the longer-term bull trend line’s high of 105.46.

However, action in the pair’s counterparts may limit further declines if the Yen can cover some old ground against the dollar and manage a close above 103.00. On the other hand, the Aussie also comes into play and the bears might falter much below the 200-week ma in the location of the long term support line on this aggressive move down from the resistance 105.80 to the old 0.9740 levels. A confirmation of rallies capped back to previous range lows in the Aussie at 1.0020 could help reaffirm a reversal in AUD/JPY to the downside. Previous resistance levels would play as support levels on the way down.

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