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27 May 2015
AUD/JPY targets 96 handle and pops higher on session flows
FXStreet (Guatemala) - AUD/JPY is currently trading at 95.57 with a high of 95.63 and a low of 95.11.
AUD/JPY has been taking advantage of by the bears who are all over the Yen, having recently taken on the 124 handle vs the greenback in to 8-year highs, helped along in the London fix that saw a demand for the buck and extended the downside in the Japanese currency throughout the US shift.
The cross is now making a higher high and testing the 200 DMA which is key for the bulls. On a fundamental basis, so long as the greenback manages to attract demand and on anything positive from the Aussie calendar, potentially in tonight's Capex for example, given the lower borrowing costs and exchange rate, we could see some support for the Aussie which could propel the cross and create a base at 95.50 in a renewed and confirmed bull trend on 96 closes this week. A breach of 95.50 would be positive for the cross.
AUD/JPY has been taking advantage of by the bears who are all over the Yen, having recently taken on the 124 handle vs the greenback in to 8-year highs, helped along in the London fix that saw a demand for the buck and extended the downside in the Japanese currency throughout the US shift.
The cross is now making a higher high and testing the 200 DMA which is key for the bulls. On a fundamental basis, so long as the greenback manages to attract demand and on anything positive from the Aussie calendar, potentially in tonight's Capex for example, given the lower borrowing costs and exchange rate, we could see some support for the Aussie which could propel the cross and create a base at 95.50 in a renewed and confirmed bull trend on 96 closes this week. A breach of 95.50 would be positive for the cross.