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AUD/JPY: downside opening for 200 month sma 81.34

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 14, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Guatemala) - AUD/JPY has been starting out in early Asia better offered and carrying on from overnight supply in a choppy US stock market, lower oil and a lack of conviction in the markets who remain cautious in 2016.

    The price went from a break of 0.8280 support overnight when the consolidation post Chinese good news trade data crumbled from the highs of 83.40 and kept falling away down to current lows. It is now all about the Aussie jobs data and you can read here for a full preview of that and expected reaction in the Aussie and key levels to monitor. The Chinese markets will open an hour later with the Yuan fix 45 mins post Aussie jobs. The downside is favoured in the cross on a poor outcome in the jobs data and a negative Yuan fix.

    AUD/JPY levels

    Technically, to the downside, the 200 month SMA at 81.34. Then, 0.7939, the 3rd Oct 2012 weekly stick low comes as next key downside targets. a recovery through 83.40 double top is required to alleviate downside bias. RSI (14) on the hourly offers further to go at 32 until being technically oversold. S1 comes at 81.08 ahead of S3 at 80.68.
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