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Forex Flash: Look to add long exposure pullbacks in AUD/JPY – ANZ

FXstreet.com (Barcelona) - After making one more recent attempt at climbing above the key resistance level at 102.50, the pair again failed to achieve any follow through and has since retraced back towards the 100 level. Although the pair has remained range bound since mid April, some analysts believe pullbacks should be bought in anticipations of further Yen weakness in the future.

According to analysts at ANZ Global Research, “AUD/JPY has now met a notable target zone of 103.80-105.00. As with other JPY crosses, risk reward profiles are more balanced as risk of consolidation has risen. A possible momentum rollover as both weekly RSI and Slow Stochastics appear to have peaked.”

They went on to add, “Risk of a retracement flush would increase below 100.00, though support should be sound below 95.00. Although near-term focus may be on potential retracements, a base is likely to form around this perceived support area and allow for long AUD/JPY positions to be rebuilt in anticipation of return to pronounced JPY weakness.”

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