JPY Trading Outlook
AUD/NZD has made a strong close above 1.1500 and although progress remains slow, further gains are very likely in my opinion and buying dips for a test of 1.1650 is the obvious play. AUD/JPY has drifted lower but technical support will get much firmer near an important trend-line at 92.80. EUR/AUD looks to have formed a firm base now at 1.4120 and a test of topside resistance at 1.4570 looks more likely.
AUD/JPY broke above important technical resistance levels and then promptly reversed very sharply indeed (see chart). There is decent support at 92.70/80. EUR/AUD was another big mover yesterday, confirming yet again support levels near 1.4125 before rallying very sharply. The break and close above 1.1450 in AUD/NZD gives yet more strength to the argument that a base is in place and more gains are ahead.
AUD/JPY has broken and closed above its 200-dma which comes in near 94.70 and is starting to look very bullish indeed. EUR/AUD (see chart) has bounced off strong short-term support near 1.4125 and the strength of the flows in this cross really need to be respected. AUD/NZD has again pulled back off highs near 1.1450 and range trading seems like the most obvious outcome there.
AUD/JPY has broken above its 200-dma which comes in near 94.70 but is being stalled by heavy barrier protection ahead of 95.00. AUD/NZD looks to have confirmed a short-term foothold 1.1280/00 and is trying to move higher again. EUR/AUD is sitting right on short-term support levels at 1.4130 but hasn’t bounced very far.
AUD/JPY has broken marginally above previous trend highs at 94.45 but is stalling ahead of its 200-dma which comes in near 94.70. Further gains are looking likely but buy dips not breaks. AUD/NZD looks to have confirmed a short-term foothold 1.1280/00 and is trying to move higher again. EUR/AUD is sitting right on short-term support levels at 1.4130 (see chart).
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