After bouncing around 88.50 last week, the AUDJPY has come under heavy selling pressures to break below 85.00.
[B]Currency Pair:[/B] AUD/JPY
[B]Chart:[/B] 30 Min Charts
[B]Short-Term Bias:[/B] Short
[B][U]Analysis[/U][/B]
[B][U]
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After bouncing around 88.50 last week, the AUDJPY has come under heavy selling pressures to break below 85.00. During yesterday’s session, the pair ended up touching an intraday low of 82.09, but has recovered some of its losses to hold near 84.30. The pair looks to be finding short-term resistance near 84.60 (21.4% Fib level of 81.41-96.45), and should continue its move to the downside over the week. We anticipate the underlying downtrend to bring the pair below 83.00 over the next day or so, and we expect the pair to test the 9/16 low of 81.41 for support on its way to the downside. Be sure to check out Jamie’s Technical Outlookfor the additional information on the major currency pairs.
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