OctaFX | OctaFX Forex Broker
Open trading account

Forex: AUD/JPY almost erases all previous loses, back above 95.00

Ahead of a busy Asian session today for Aussie with key domestic data in the form of Australia retail sales month to month at 00:30 GMT and current account, followed by RBA rate statement at 03:30 GMT, AUD/JPY has managed to erase almost all loses so far for the week, last at 95.28, a -0.22% lower. Some analyst call for a weekly close below 95 as a key signal in order to bolster the bear case, though the cross is still up +18.86% in last 6 months.

The cross bounced at a double intraday low 94.45 in late Monday's Tokyo session, then helped later on Aussie strength as US equities moved higher, finishing the day up +0.46% for SP500. Oil in the other hand bounced too from fresh 2-month lows but ended the day down by -0.80% at the NY close. Japan will also release average cash earnings data year on year at 01:30 GMT, which could add some volatility to the cross.

Immediate resistance to the upside for AUD/JPY shows at current levels as Feb 26 highs 96.30/5, followed by Friday's highs and weekly starting price at 95.50/60, and Feb 12 lows at 95.77. To the downside, closest support lies at Feb 21 lows 95.06, followed by yesterday's/Friday's lows at 94.45, and Feb 25 lows at 93.53.

Australia: AiG Performance of Services Index (Feb): 48.5

Read more Previous

Forex: Market needs a trigger in the EUR/USD

The EUR/USD has performed its second straight consolidation session on Monday and despite the pair remain under pressure, the Euro stands barely 10 pips away from past Asian opening against the USD with the pair closing the day above the 1.3000 level.
Read more Next
Start livechat