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AUD/JPY falls sharply but holds above 87.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 13, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - AUD/JPY is falling on Tuesday, retreating after hitting a 9-week high yesterday. Weak data from China and possible some profit taking pushed the pair to the downside.

    AUD/JPY moving off session lows

    During the last hour the pair has been able to trim losses as commodity prices rebounded sharply. AUD/JPY started to decline during the Asian session and bottomed after Wall Street opening bell at 86.81, 165 pips below the level it had at the beginning of the day.

    Recently it bounced from 86.75 as USD/JPY moved off session lows, removing strength from the yen across the board. The recovery found resistance at 87.50 and currently is trading at 87.27/31, down 1.15% for the day.

    End of the 9-day winning streak?

    The pair is losing ground for the first time since September 29. The aussie rose constantly and rallied from 82.80 (Sep 29 low) to 88.60 (Oct 12 high), breaking last week an important resistance located around 87.00. It would be important from a technical perspective to see if the pair avoids a sharp decline under 87.00.

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