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Forex Flash: Expect Yen weakness and AUD support – OCBC Bank

By FXstreet.com,  January 15, 2013, 05:28:00 AM EDT

FXstreet.com (Barcelona) - Emmanuel Ng of OCBC Bank has taken a look at the prospects of USD/JPY and AUD/USD for the day ahead.

He begins by noting that with the BoJ more than likely to concede in terms of monetary accommodation, investors should expect Yen weakness to remain on the cards with the 90.00 resistance in close proximity while the nearest support is expected around 88.40. Looking to AUD/USD, Ng feels that the pair may continue to find intrinsic support from AUD/JPY, although the 1.0600 area for the former remains intact. He finishes by writing, "Pending further developments, look also to the 1.0500 area to offer near term support before the 55-day MA (1.0447) should support on any dips for now."




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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