Back
24 Aug 2015
AUD/JPY battered, down to test 88.00 stops
FXStreet (Guatemala) - AUD/JPY is currently trading at 88.20 with a high of 89.19 and a low of 88.00.
AUD/JPY is relishing in risk-off mood to start the week in illiquid early Asia, squeezing out shorts before they have even got to their desks. The Yen has been picking up the pace across the board with a poor performance on global equities and on the concerns of the implications in a pre-emptive PBoC and Chinese government who have taken bold measures to spur growth in the economy. The news from the weekend see's that China plans to let its main state pension fund invest in the stock market for the first time to attempt to prevent continue slides.
AUD/JPY bulls tested
AUD/JPY is a 'whippy' cross and is subject to volatility which will make for an interesting day ahead. However, there has also been a decisive move in AUD/USD to the downside which will underpin the downside in the cross. AUD/USD is down over 50 pips while the cross' bears have scooped up over 120 pips and USD/JPY makes new lows to the mid-point of the handle and through a key support of the 38.2% retracement if the move up from July, pressuring the cross down to test bull's commitments at the 88 the figure's stops.
AUD/JPY is relishing in risk-off mood to start the week in illiquid early Asia, squeezing out shorts before they have even got to their desks. The Yen has been picking up the pace across the board with a poor performance on global equities and on the concerns of the implications in a pre-emptive PBoC and Chinese government who have taken bold measures to spur growth in the economy. The news from the weekend see's that China plans to let its main state pension fund invest in the stock market for the first time to attempt to prevent continue slides.
AUD/JPY bulls tested
AUD/JPY is a 'whippy' cross and is subject to volatility which will make for an interesting day ahead. However, there has also been a decisive move in AUD/USD to the downside which will underpin the downside in the cross. AUD/USD is down over 50 pips while the cross' bears have scooped up over 120 pips and USD/JPY makes new lows to the mid-point of the handle and through a key support of the 38.2% retracement if the move up from July, pressuring the cross down to test bull's commitments at the 88 the figure's stops.