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Forex: AUD/JPY testing 50-hr EMA

By FXstreet.com,  September 26, 2012, 10:53:00 PM EDT

FXstreet.com (San Francisco) - AUD/JPY is gently bid and is now testing 50-hr EMA resistance at 80.75 as the Australian dollar gets a broad boost on end-of-month flows and on news of the largest weekly liquidity injection on record by the PBoC.

The pairing is bouncing from the 80.20 base set overnight, and further extensions to the upside may encounter offers at 80.95 (Sep 20 low), 81.03 (100-hr EMA) then 81.25 (descendant trendline, 82.91/82.28 peaks; which is also confluent with the 200-hr EMA). Above there, a 23.6% Fibonacci level at 81.40 is likely to attract sellers.

To the downside, support is noted at 80.08 (38.2%, 74.45/83.50 advance), 79.70 (Sep 6 low) and 79.52 (July 25 low). A dip below there would then target 50% Fibonacci support at 79.00. AUD/JPY last trades at 80.65.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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