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24 Jun 2013
Flash: AUD/JPY needs a close above 92.50 - ANZ
FXstreet.com (Barcelona) - Price action is yet to display signs of turning higher in the AUD/JPY, despite daily momentum appears to suggest a basing pattern, says Tim Riddell, Head of Global Markets Research at ANZ.
Riddel adds: "The spike through 90.00 (50% retracement) to 88.90 was short-lived, but the inability to hold above 92.50 has left AUD/JPY at risk of redefining the recent low and risk of further flushes to 86.30 (61.8%) persists." The Strategist would hold a firmer bullish view only on a close above 92.50, which may suggest interim rebounds toward the 97.00 area, Riddell said.
Riddel adds: "The spike through 90.00 (50% retracement) to 88.90 was short-lived, but the inability to hold above 92.50 has left AUD/JPY at risk of redefining the recent low and risk of further flushes to 86.30 (61.8%) persists." The Strategist would hold a firmer bullish view only on a close above 92.50, which may suggest interim rebounds toward the 97.00 area, Riddell said.