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25 Nov 2013
AUD/JPY on trading range at 92.70
FXstreet.com (Chicago) - AUD/JPY remains stalled after the plunge from the 94.60 front throughout last week.
AUD/JPY Technical Levels
Price action reveals the pair stalls after managing to break the downward trendline that started last November 19th with a trendless movement that continues ahead of the European trading session. According to Jim Langlands from FXcharts, “With both currencies racing lower the cross is not actually doing too much at present and there are better things to watch. It is gyrating between the 200 DMA at 94.45 and support at 92.30, which lies above the 100 DMA at 91.50. Trade the range for now with a preference to sell rallies for a stronger test of the downside.” Offered at 92.81, the pair navigates between the supports aligned at 92.70 (October 31st lows), 92.30 (November 13th lows) ahead of 91.76 (October 10th lows) and the resistances set at 93 (November 20th lows), 93.60 (October 30th highs) followed by 94.18 (November 18th highs).
AUD/JPY Technical Levels
Price action reveals the pair stalls after managing to break the downward trendline that started last November 19th with a trendless movement that continues ahead of the European trading session. According to Jim Langlands from FXcharts, “With both currencies racing lower the cross is not actually doing too much at present and there are better things to watch. It is gyrating between the 200 DMA at 94.45 and support at 92.30, which lies above the 100 DMA at 91.50. Trade the range for now with a preference to sell rallies for a stronger test of the downside.” Offered at 92.81, the pair navigates between the supports aligned at 92.70 (October 31st lows), 92.30 (November 13th lows) ahead of 91.76 (October 10th lows) and the resistances set at 93 (November 20th lows), 93.60 (October 30th highs) followed by 94.18 (November 18th highs).