After bouncing around 88.50 last week, the AUDJPY has come under heavy selling pressures to break below 85.00.
Currency Pair: AUD/JPY
Chart: 30 Min Charts
Short-Term Bias: Short
Analysis
After bouncing around 88.50 last week, the AUDJPY has come under heavy selling pressures to break below 85.00. During yesterday’s session, the pair ended up touching an intraday low of 82.09, but has recovered some of its losses to hold near 84.30. The pair looks to be finding short-term resistance near 84.60 (21.4% Fib level of 81.41-96.45), and should continue its move to the downside over the week. We anticipate the underlying downtrend to bring the pair below 83.00 over the next day or so, and we expect the pair to test the 9/16 low of 81.41 for support on its way to the downside. Be sure to check out Jamie’s Technical Outlook for the additional information on the major currency pairs.
To contact the author of this article, please email: dsong@fxcm.com
Related Stories:
Euro Crosses: Bear Has Firm Grasp
US Dollar Forecast to Advance versus Euro, British Pound according to Forex Trading Signals
Forex
