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2 Sep 2015
AUD/JPY rallies to test hourly 20 SMA
FXStreet (Guatemala) - AUD/JPY, along with the rest of the Yen crosses in continued market turmoil, and is up to test the 20 SMA on the hourly chart and making good progress on the 84 handle, from lows of 83.63.
In respect of USD/JPY, as we progress through the opening hour of Tokyo, US futures are strong, with the S&P 500 up over 15% at time of writing and the major is comfortable on 120.20 from 119.36 lows and 120.47 highs scored and capped on the opening rally. In respect of AUD, the major commodity currency in bowing down to the bears as the 0.7000 gets hit, with a breach to 0.6997 and in to stop territory where support may be strong as a big option barrier level.
However, the boundaries in these kinds of markets can easily be tested to the limits and a breach there would weigh heavy on the cross. The RBA was able to stay the course last night in the early stages of this contagiously ill marketplace, and it may not be too long before their hand may be forced to act, weighing on the Aussie's outlook while the Yen should continue to benefit in times of risk aversion.
AUD/JPY: next up...
We now await the Australian GDP Q2 numbers coming up shortly and 30 minutes past the hour and technically, for the cross, there is little support until 81.50/80 to the downside on the charts while easier levels to monitor through the Yen and Aussie directly.
In respect of USD/JPY, as we progress through the opening hour of Tokyo, US futures are strong, with the S&P 500 up over 15% at time of writing and the major is comfortable on 120.20 from 119.36 lows and 120.47 highs scored and capped on the opening rally. In respect of AUD, the major commodity currency in bowing down to the bears as the 0.7000 gets hit, with a breach to 0.6997 and in to stop territory where support may be strong as a big option barrier level.
However, the boundaries in these kinds of markets can easily be tested to the limits and a breach there would weigh heavy on the cross. The RBA was able to stay the course last night in the early stages of this contagiously ill marketplace, and it may not be too long before their hand may be forced to act, weighing on the Aussie's outlook while the Yen should continue to benefit in times of risk aversion.
AUD/JPY: next up...
We now await the Australian GDP Q2 numbers coming up shortly and 30 minutes past the hour and technically, for the cross, there is little support until 81.50/80 to the downside on the charts while easier levels to monitor through the Yen and Aussie directly.