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AUD/JPY firm bounce off 97.00 support, sets eyes on 98.30

FXstreet.com (Barcelona) - The Aussie/Yen is edging slightly higher in Asia trade, up 40 pips at 97.73 but still within the previous 5 day trading range between 97.00 and 98.30.

Economic data out of Japan was released earlier in the session at 23:30GMT, with CPI coming in as expected at -0.7%. Overall household spending came in light at 1.5% vs. 3.1% forecast, while Industrial Production beat estimates at -2.3% vs. -3.4%. “Some very decent AUD/JPY buying has emerged in the last 30 minutes or so; I hear there might be more to come. There is short-term technical resistance at 98.00 but there will be stops above there," noted Sean Lee of FXWW.”

The FXStreet.com Trend Index remains slightly bearish, while the ob/os index remains oversold. Initial resistance sits at 98.35 (the 100dma), followed by 99.84 (the 20dma). Both short term moving averages, as well as the RSI (14) are also in bearish set up on the daily chart which could continue to limit advances. First support sits at 97.00, with a break of this level most likely leading to further selling down towards the 95.00 area (previous resistance, now support).

EUR/AUD off fresh 1.5-year highs below 1.35

EUR/AUD is last at 1.3491, off yesterday's fresh 1.5-year highs at 1.3541, up +0.66% for the week so far, +6.27% year to date, and +8.25% in last 6 months. As IFR Markets analyst Andrew Spencer points out, it has been already 8 weeks of higher lows in the cross.
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