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8 May 2013
Forex: AUD/JPY still above key 100 level
FXstreet.com (Barcelona) - AUD/JPY is last at 100.58, off recent session lows at 100.41, following some stops being tripped in USD/JPY, markets sources report: “USD/JPY just had a small dip lower to 98.64 as stop loss orders below 98.80 get triggered,” FXBriefs editor Peter Fell said, adding: “Sources says there are decent buy orders around 98.50 and similar size sell orders at 99.30.”
The cross is down a -1.54% after yesterday's RBA cutting interest rates to record low since 1959 at 2.75%, dragging down AUD/JPY with it, given relatively Yen strength at the same time too. According to IFR analyst Richard Sexton, “holding below 50 day MA,” currently at the 100 level, “will likely signal important top,” Richard says, adding: “Weekly chart shows Apr 11 high was at long term channel resistance,” he notes.
Inmediate support to the downside for AUD/JPY lies at recent session/yesterday's/Friday's lows 100.40, followed by May 01 lows at 99.74, and May 02 lows at 99.25. To the upside, closest resistance shows at recent session highs 100.90, followed by Monday's lows at 101.41, and April 29 highs at 101.63.
The cross is down a -1.54% after yesterday's RBA cutting interest rates to record low since 1959 at 2.75%, dragging down AUD/JPY with it, given relatively Yen strength at the same time too. According to IFR analyst Richard Sexton, “holding below 50 day MA,” currently at the 100 level, “will likely signal important top,” Richard says, adding: “Weekly chart shows Apr 11 high was at long term channel resistance,” he notes.
Inmediate support to the downside for AUD/JPY lies at recent session/yesterday's/Friday's lows 100.40, followed by May 01 lows at 99.74, and May 02 lows at 99.25. To the upside, closest resistance shows at recent session highs 100.90, followed by Monday's lows at 101.41, and April 29 highs at 101.63.