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AUD/JPY on course to 7th straight hour of losses

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 26, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Bali) - It's a one-way traffic for the AUD/JPY at the moment, with Tokyo tracking the depressed sentiment seen on Monday, that being reflected in the pair, which has extended its slide through 82.00 just now.

    Risk off environment warrants caution for bottom pickers

    AUD/JPY hit its lowest since Jan 21 at 81.90, with no signs of the bear momentum receding for now, as the hourly candles accumulate 7 straight hours of losses. US 30-yr bonds continue to be on strong demand, so is gold, while the SP 500 futures are down 0.2%, with Oil also re-testing the lows from Monday below the $30.00 handle.

    AUD/JPY key levels for today

    Should falls extend, the initial support area is seen at 81.80 (daily S1 + swing low Jan 21), followed by 81.40/50 (mid-round number + daily S2), ahead of an acceleration towards 81.00 round number, where ore liquidity will be found. On the topside, if risk on trades recover, 82.65/70 (daily pivot area) is going to be the first major hurdle for those playing long bets, ahead of 83.00 and 83.50.
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