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19 May 2014
AUD/JPY a slow grind to the upside
FXStreet (Guatemala) - AUD/JPY has been building a case for higher levels in a congested grind to the upside since last weeks business on Friday.
AUD/JPY dropped from the 95.80 levels and only found support deep through the 95 handle and on 94.75. This week is a slow burning start and much of the same theme with a light calendar. Today, Japan’s machine orders out this morning continued their recent see-saw, leaping 19.1% MoM after a revised 4.6% slump in February. Rabobank analysts explained that in YoY terms orders were up 16.1%. “That’s not a total surprise given Q1’s stellar growth, but good news is always as welcome in Japan as a sunny day is in the UK”. While the calendar has been light for the pair today at the start of this week, Wednesday sees the Aussie wage cost index for Q1 and we have The BoJ with their monthly monetary policy statement.
AUD/JPY is trading neutral
AUD/JPY is trading with a neutral reading on the hourly charts with EMA’s slightly bearish while RSI (14) reads 49.44. The weekly chart is still heavily supporting a bullish outlook with daily support on 94.00 handle and 96.56 as key resistance.
AUD/JPY dropped from the 95.80 levels and only found support deep through the 95 handle and on 94.75. This week is a slow burning start and much of the same theme with a light calendar. Today, Japan’s machine orders out this morning continued their recent see-saw, leaping 19.1% MoM after a revised 4.6% slump in February. Rabobank analysts explained that in YoY terms orders were up 16.1%. “That’s not a total surprise given Q1’s stellar growth, but good news is always as welcome in Japan as a sunny day is in the UK”. While the calendar has been light for the pair today at the start of this week, Wednesday sees the Aussie wage cost index for Q1 and we have The BoJ with their monthly monetary policy statement.
AUD/JPY is trading neutral
AUD/JPY is trading with a neutral reading on the hourly charts with EMA’s slightly bearish while RSI (14) reads 49.44. The weekly chart is still heavily supporting a bullish outlook with daily support on 94.00 handle and 96.56 as key resistance.