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AUD/JPY: making a minor reocvery through 20 1hr sma

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 18, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Guatemala) - AUD/JPY bulls are able to rejoice in the weekend moves from the PBoC to soften CNH while today's fix in USD/CNY was lower than Friday's close.

    The new measures of boosting the reserve ratio on offshore yuan accounts from China should strengthen the yuan and support a better risk environment for the cross the benefit from. Meanwhile, the price is recovering from below the 80 handle and lows of 79.56, breaking the 20 sma on the hourly chart as Tokyo gets going and USD/JPY moves onto the 117 handle.

    AUD/JPY levels

    Technically, the price is trading below the 200 week sma at 81.34 with a bearish bias on the daily sticks. Momentum is in the bears favour and 0.7939, the 3rd Oct 2012 weekly stick low, comes as next target. On a continuation of the minor correction however targets 83.40 recent double top that would otherwise alleviate immediate downside risks.
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