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23 Sep 2013
AUD/JPY wipes out gains at 99.32 departure point
FXstreet.com (Chicago) - AUD/JPY started the session weak on Japanese holiday plunging to 92.94 lows to bounce off to 93.60 highs. Erasing earlier gains, the pair is back to 93.33 start price after the release of better than expected Chinese manufacturing data.
Price action reveals the continuation of the upward trendline despite a bearish short-term channel starting last Friday. The pair spiked to 93.60 highs momentarily but failed to resist bearish pressure. Offered at 93.34, it oscillates between supports aligned at 92.95 (September 17th highs), 92.56 (September 13th highs) followed by 92.06 (September 17th lows) and resistances set at 93.58 (September 11th highs), 94.00 (key psychological) ahead of 94.49 (September 18th highs). According to the FXstreet.com trend index, the pair is strongly bearish on one-hour timeframe analysis below the EMA20.
Price action reveals the continuation of the upward trendline despite a bearish short-term channel starting last Friday. The pair spiked to 93.60 highs momentarily but failed to resist bearish pressure. Offered at 93.34, it oscillates between supports aligned at 92.95 (September 17th highs), 92.56 (September 13th highs) followed by 92.06 (September 17th lows) and resistances set at 93.58 (September 11th highs), 94.00 (key psychological) ahead of 94.49 (September 18th highs). According to the FXstreet.com trend index, the pair is strongly bearish on one-hour timeframe analysis below the EMA20.