OctaFX | OctaFX Forex Broker
Open trading account
Back

Forex: AUD/JPY above 97 ahead of a busy day

FXstreet.com (Barcelona) - Busy Asian session ahead for AUD/JPY that trades at the moment 35 pips off session lows at 97.00 round. BoJ will have first meeting today with new governor Kuroda as chairman, and market has very high expectations on this event. “If Mr Kuroda disappoints at all then we could easily see a swift fall towards the 38.2% retracement level at 90.00” for USD/JPY, suggests FXWW founder Sean Lee, which, with AUD/USD at current levels above 1.0450, would mean 94 levels for the cross AUD/JPY.

But there is also data scheduled for Australia in the form of key retail sales and building approvals at 00:30 GMT, with Chinese markets closed for holiday, which might bring extra volatility to the cross. “AUD/JPY looks like it could lead the way,” notes Sean, adding: “The disappointing US economic data puts a question mark over their growth prospects and this will weigh on risk sentiment. AUD/JPY is back below the previous pivot at 97.50 and selling rallies is preferred,” the analyst concludes.

Immediate support to the downside for AUD/JPY lies at mentioned session lows 97.00 round, followed by Tuesday's weekly lows 96.87, and Feb 19 lows at 96.45. To the upside, closest resistance shows at recent session and Feb 25 highs 97.47, followed by March 25 lows at 97.65, and March 29 lows at 97.75.

Session Recap: USD declines on weak US data

The Greenback ceded ground against its major rivals as investors were disappointed for the weaker than expected ADP employment data. The EUR/USD recover some ground from 1.2790 to the current 1.2845. The GBP/USD traded brief below the 1.5100 level but it is closing at 1.5135.
Read more Previous

Forex: EUR/USD up and USD/JPY down ahead the ECB and BoJ

A trio of central banks. The EUR/USD trades positive on Wednesday as market was disappointed about the weaker-than expected ADP employment data in the United States. But the single currency didn't have enough punch to broke above the 1.2880 MA 200 days level, Will the ECB provide the needed catalyst to break above this level? Or will the Euro collapsed to the 1.2600 area?
Read more Next
Start livechat