AUD/JPY: upside bias, taregts recent highs

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    AUD/JPY is currently trading with a high of 82.80 and a low of 80.35.

    AUD/JPY has made a come back this year from the risk off lows of 0.7758 and is up to challenge the 20 dma at 82.71 with a recent high of 82.42. However, yesterday's daily stick closed in the red, so today needs a better risk environment around the clock if the trend is to continue on the bid in the near term.

    There has been a relief in risk so far today with a come back on the oil price and USD/JPY testing the 200 sma on the hourly chart having made gains of over 110 pips and back onto the 114 handle.

    Oil extends gains as Iran headlines flow

    AUD/JPY, USD/JPY and Aussie levels

    Technically, USD/JPY is supported in the nearer term by the 100 sma and resisted by the 200 sma both on the hourly chart, between 113.59 and 114.38 respectively. This leaves the cross, with the Aussie recently breaking up through the 1hr50 sma and onto the 0.71 handle, exposed to the upside having managed to break-through the 1hr 200 sma at 81.21 as well as the 1hr 50 sma at 81.43 and targets 82.50, just above recent highs for the week.
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