6 Jan 2014
AUD/JPY fails again at 94.00 and falls below 93.50
FXstreet.com (Córdoba) - The Yen soared across the board as stocks in Asia tumbled. The AUD/JPY turned to the downside in the last hours and fell to 93.36, fresh daily low, trimming Friday's gains.
Yen strength hits AUD/JPY
The AUD/JPY started the week on a positive tone, testing levels on top of 94.00 and last week highs but it was unable to hold. The Nikkei 225 dropped sharply in the initial hours of trading boosting the demand for the Yen and pushed the AUD/JPY to the downside, reversing the initial direction.
At the moment of writing, the Nikkei 225 was falling 2.25% and the AUD/JPY was trading at 93.45, 0.15% below today's opening price. The decline found support at 93.35; below attention could turn to 93.15 (January 2nd low, December 24th high) and 92.89 (January 3rd low). To the upside, the key resistance continues to be around 94.05/10 (December 31st high, daily high).
Yen strength hits AUD/JPY
The AUD/JPY started the week on a positive tone, testing levels on top of 94.00 and last week highs but it was unable to hold. The Nikkei 225 dropped sharply in the initial hours of trading boosting the demand for the Yen and pushed the AUD/JPY to the downside, reversing the initial direction.
At the moment of writing, the Nikkei 225 was falling 2.25% and the AUD/JPY was trading at 93.45, 0.15% below today's opening price. The decline found support at 93.35; below attention could turn to 93.15 (January 2nd low, December 24th high) and 92.89 (January 3rd low). To the upside, the key resistance continues to be around 94.05/10 (December 31st high, daily high).