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31 Dec 2013
AUD/JPY slightly red after posting nice gain on Monday; initial resistance 94.21
FXstreet.com (Barcelona) - One of the historically looked-to gauges for risk in the global markets, the Aussie Dollar / Japanese Yen cross (AUD/JPY) appears to be on a track to the upside, but ST hurdle at 94.21 – 94.60 remains.
AUD/JPY traders get to react to Aussie data on Tuesday
With Japan on holiday this week, AUD/JPY traders will be reliant on existing momentum, technicals and a few data points due out from Australia for guidance. Tuesday, they will get to trade off of Australian Private Sector Credit.
Technical outlook for AUD/JPY
Technicians say the AUD/JPY has support at 91.61 (the low from last Thursday) and is followed up by last Wednesday’s low at 91.05. Resistance comes in at the 12/10 high of 94.21 and is followed up by the 11/20 high at 94.60. The real target, they say, comes in at 99.66 based on Elliott Wave and Fibonacci calculations.
AUD/JPY traders get to react to Aussie data on Tuesday
With Japan on holiday this week, AUD/JPY traders will be reliant on existing momentum, technicals and a few data points due out from Australia for guidance. Tuesday, they will get to trade off of Australian Private Sector Credit.
Technical outlook for AUD/JPY
Technicians say the AUD/JPY has support at 91.61 (the low from last Thursday) and is followed up by last Wednesday’s low at 91.05. Resistance comes in at the 12/10 high of 94.21 and is followed up by the 11/20 high at 94.60. The real target, they say, comes in at 99.66 based on Elliott Wave and Fibonacci calculations.