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20 Aug 2013
AUD/JPY plunges to 10-day depths approaching 88.00 zone
FXstreet.com (Chicago) - AUD/JPY continues weakening against a stronger yen marking 0.56% daily losses so far.
RBA neutral, AUD weighed by EM scare moves
The minutes from the RBA August monetary policy meeting concluded with a 'neutral' view, as “members agreed that the Bank should neither close off the possibility of reducing rates further, nor signal an imminent intention to reduce rates further”. However, the selling of all things Asia vs USD continues to weigh as investors look to retreat off emerging markets. In Japan, the All Industry Activity Index for June (MoM) failed short to meet -0.5% consensus by 0.1% and against a previous 1.1%.
Technical Levels
Price action indicates the pair bounced off 88.23 10-day lows after potential double top formation after sharp fall from last week’s 90.00 zone. At 88.36, the price oscillates between supports at 88.00 (August 10th lows), 87.76 (August 8th lows) ahead of 87.43 (August 2nd lows) and resistances at 88.54 (August 5th highs), 88.90 (August 3rd highs) followed by 89.16 (August 16th lows). According to the FXstreet.com trend index, the pair is slightly bearish on one-hour timeframe analysis trading below the EMA20.
RBA neutral, AUD weighed by EM scare moves
The minutes from the RBA August monetary policy meeting concluded with a 'neutral' view, as “members agreed that the Bank should neither close off the possibility of reducing rates further, nor signal an imminent intention to reduce rates further”. However, the selling of all things Asia vs USD continues to weigh as investors look to retreat off emerging markets. In Japan, the All Industry Activity Index for June (MoM) failed short to meet -0.5% consensus by 0.1% and against a previous 1.1%.
Technical Levels
Price action indicates the pair bounced off 88.23 10-day lows after potential double top formation after sharp fall from last week’s 90.00 zone. At 88.36, the price oscillates between supports at 88.00 (August 10th lows), 87.76 (August 8th lows) ahead of 87.43 (August 2nd lows) and resistances at 88.54 (August 5th highs), 88.90 (August 3rd highs) followed by 89.16 (August 16th lows). According to the FXstreet.com trend index, the pair is slightly bearish on one-hour timeframe analysis trading below the EMA20.