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Forex: AUD/JPY stalling ahead of 103.00

FXstreet.com (Barcelona) - AUD/JPY is last at 102.80, off recent session and 5-day highs at 102.94, on the back of Aussie strength combined with Yen weakness. The cross has gapped higher at the weekly open, up +0.59% for the session so far. All local share markets are in the green, with Australian ASX up +0.245, and Nikkei index +1.98%.

According to FXWW founder Sean Lee: “AUD/JPY is stalling ahead of a Fibo resistance level at 102.85 which proved to be the high on Friday afternoon last,” the analyst said, adding: “This will attract sellers but also implies that there will be stop-loss buyers directly above,” he concludes.

Immediate resistance to the upside for AUD/JPY shows at recent session and 5-day highs 102.94, followed by April 12 lows at 103.05, and April 15 highs at 103.86. To the downside, closest support lies at Friday's lows 101.83, followed by NY Thursday's session lows at 100.70, and Tuesday's lows at 99.89.

Forex: EUR/USD drifting sideways as range bound behavior continues

The EUR is flat during Asia trade as recent sideways action on the daily chart continues to limit any type of major trend from developing. The main economic data on tap will be Existing Home Sales due out during the NY Session at 14:00.
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Forex Flash: Prefer to keep selling GBP/USD - RBS

As Head of Currency & EM Strategy at RBS David Simmonds has noted: “BoE Governor-in-waiting Carney’s reference to UK being among the “crisis”economies with the Euro zone and Japan strikes a sombre chord,” David said, adding: “Our view on the GBP is unchanged: chronic twin deficits and more emphasis on monetary policy activism spell more weakness ahead,” the analyst suggests. “Next target is 1.42,” he concludes. “For now, we prefer to keep selling GBP/USD.”
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