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AUD/JPY in free-fall mode, 6th straight day of losses

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 9, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    AUD/JPY continues in free-fall mode, currently extending losses beyond the overnoght lows at 81.50, last at 81.27, which marks the lowest level since January 21st, as risk off remains at full steam, with the Nikkei 225 sinking by as much as -4.15% at present.

    No Yen jawboning yet, Australia's NAB survey eases

    On a fundamental level, the Japanese Econ Minister made some comments earlier, noting that external factors are the main reason for recent yen move below; the remarks had no interventionist connotations, which somehow gives Yen bulls the 'green light' to continue pushing the currency higher. Meanwhile, in Australia, we've seen the NAB Business Survey for the month of January, which resulted in slightly softer conditions and confidence; business confidence came at 2 in Jan vs 3 in Dec, while business conditions at 5 vs 7 in Dec.

    AUD/JPY key levels for today

    The pair is presently testing its daily S1 level at 81.25, with the next support level seen at 81.00 round number ahead of 80.50, area that converges with today's S2; below the latter, the important 80.00 level will be exposed. On the upside, 81.50 and 82.00 are now key, followed by 82.35/50 horizontal resistance area; above the latter, 81.90/82.00 is the next key level for sellers to defend. Given current market conditions with a risk off environment that keeps intensifying, bounces are expected to remain fairly shallow.
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