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30 Sep 2013
AUD/JPY succumbs to 3-week lows
FXstreet.com (Chicago) - AUD//JPY weakened on yen’s strengthening due to market participants’ safe-haven mentality on potential US government shutdown. With a Nikkei dragged by gravitational pull and printing 1.99% losses so far, the Aussie retreats 0.76% so far.
Big week ahead
This week is definitive for Japan for the rest of the year as Abe may announce a corporate tax cut and sales tax hike. Printing mixed results in terms of fundamental data with industrial production down -0.7% vs. past 3.4%, matched retail trade results at 1.1% and a slightly better Nomurai/JMMA manufacturing purchasing manager index at 52.5 vs. past 52.2, investors prepare for later housing market and vehicle production data. In Australia, TD securities inflation equaled past results at 2.1% ahead of private sector credit data.
AUD/JPY Technical Levels
Price action reveals a pair that is slightly bearish on one-hour timeframe analysis according to the FXstreet.com oscillating below the EMA20. The yen is the best performer so far after uncertainty of the US debt ceiling debate and time run out. On heavy selling, the pair suffered a plunge that sent the pair below the 92 zone finding grounds around 3-week lows. Offered at 90.93, the pair oscillates between supports aligned at 90.60 (September 6th lows), 90.13 (August 19th highs) ahead of 89.68 (September 3rd lows) and resistances set at 91 (September 5th lows), 91.57 (September 5th highs) followed by 92 (September 25th lows).
Big week ahead
This week is definitive for Japan for the rest of the year as Abe may announce a corporate tax cut and sales tax hike. Printing mixed results in terms of fundamental data with industrial production down -0.7% vs. past 3.4%, matched retail trade results at 1.1% and a slightly better Nomurai/JMMA manufacturing purchasing manager index at 52.5 vs. past 52.2, investors prepare for later housing market and vehicle production data. In Australia, TD securities inflation equaled past results at 2.1% ahead of private sector credit data.
AUD/JPY Technical Levels
Price action reveals a pair that is slightly bearish on one-hour timeframe analysis according to the FXstreet.com oscillating below the EMA20. The yen is the best performer so far after uncertainty of the US debt ceiling debate and time run out. On heavy selling, the pair suffered a plunge that sent the pair below the 92 zone finding grounds around 3-week lows. Offered at 90.93, the pair oscillates between supports aligned at 90.60 (September 6th lows), 90.13 (August 19th highs) ahead of 89.68 (September 3rd lows) and resistances set at 91 (September 5th lows), 91.57 (September 5th highs) followed by 92 (September 25th lows).