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AUD/JPY inconclusive positioning on a bounce

FXStreet (Guatemala) - AUD/JPY is trading at 94.73, up 0.09% on the day, having posted a daily high at 94.84 and low at 94.65.

The Yen was making a strong comeback last Friday all across the board. With AUD/JPY having taken a blow down to a 2 month low where the 200 DMA came in to save the day, Jim Langlands, analyst at FX Charts explained that the AUD/JPY daily charts look inconclusive due to the bounce there and overall he said that he thinks that trade is set to remain choppy and dependent on geo-political risk events. “But in the lack of any statements or provocations, the 4 hour charts look as though the cross could head a bit higher and back towards 95.00 in the coming couple of sessions. Buying dips, with a SL placed below Fridays low seems to be the strategy”.

AUD/JPY Levels

Current price is 94.73, with resistance ahead at 94.81 (Weekly Classic PP) and 94.96 (Daily Classic R1). Next support to the downside can be found at 94.65, 94.61, 94.56 (Hourly 20 EMA) and 94.44 (Daily Classic PP).

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