JPY Trading Outlook
CROSSES: AUD/JPY is once again back at the lower end of its recent ranges near 90.00 and there is very important technical support below 89.50. AUD/NZD has been unable to re-take 1.1500 and is now eyeing support levels at 1.1365/85. EUR/AUD has had another daily close above the previous pivot at 1.4400 and the bulls will be feeling more confident. Overall the AUD is starting to look very vulnerable again.
CROSSES: AUD/JPY pulled back lower towards mid-range levels near 91.00 on the back of a stronger Yen across the board but further range consolidation 90.00/93.50 is favoured (see chart). AUD/NZD is still consolidating below 1.1500 but I favour some broad range trading roughly between 1.14/1.16 for the next few days. EUR/AUD has again failed to convincingly trade above its important pivot at 1.4400 and I favour a test lower here in coming weeks, though still staying in consolidation mode 1.39/1.45.
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