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AUD/JPY in bearish territory after Doha story

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 17, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    AUD/JPY was hit very hard on the Doha story with a huge bearish gap at the official open in Asia down to 82.71 and is currently trading -1.14% from opening highs of 83.11.

    Oil collapses after no Doha deal

    AUD/JPY is subject to risk off downside pressures as a strongly correlated unit with risk appetite and acts as a barometer. Today's price action shot down in an opening gap to test the 200 sma at 82.96 which gave out to this liquidity and allowed a score at aforementioned lows below. The full markets are starting to come in in early Asia now and some stability is coming in ahead of the Tokyo and Chinese open later in the day where USD/JPY and AUD/USD will be the main flows of trade to monitor for the cross that is now at a pivotal point and oscillating between 82.80 support and 83.00.

    AUD/JPY levels

    AUD/JPY is testing lows of the 5th of April and below the vicinity of the handle of the bullish cup and handle pattern on the hourly sticks, back in bearish territory. Meanwhile, the price on the 4hr sticks is testing the 50 sma located at 82.94 above S3 at 82.82. A break above the pivot at 84.14 opens R2 at 85.30, however, price targets a break below 82.00 and Feb resistance.
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