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21 Feb 2014
AUD/JPY reverses sharply and rises back above 92.00
FXStreet (Córdoba) - After making a strong reversal from 91.05 the AUD/JPY erased all losses and finished flat on Thursday above 92.00. The Yen weakened during the European session and pushed the pair to the upside.
AUD/JPY technical outlook
The pair continues to move sideways in the short term and posted the fifth daily close between 91.95 and 92.35. To the upside the pair is facing resistance near 93.00 while to the downside 91.00 continues to be a strong support level that capped the downside on a number of times since early February.
The recovery from 88.25 (February lows) lost momentum as it approached 93.00. On a wider perspective the AUD/JPY is still facing some downside pressure, but as long as it manages to hold above 91.00 declines should be limited.
AUD/JPY technical outlook
The pair continues to move sideways in the short term and posted the fifth daily close between 91.95 and 92.35. To the upside the pair is facing resistance near 93.00 while to the downside 91.00 continues to be a strong support level that capped the downside on a number of times since early February.
The recovery from 88.25 (February lows) lost momentum as it approached 93.00. On a wider perspective the AUD/JPY is still facing some downside pressure, but as long as it manages to hold above 91.00 declines should be limited.