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17 Feb 2014
AUD/JPY hovering around 92.00 after Japan’s GDP data
FXStreet (Córdoba) - The AUD/JPY started the week trading above Friday’s closing price and above the 92.00 level. Reached a daily high at 92.17 amid a stronger Aussie across the board but after the release of GDP data from Japan, pulled back toward 92.00. Japan’s economy rose during the fourth quarter at a 0.3% rate, below the 0.7% expected.
AUD/JPY technical outlook
Last week the AUD/JPY was moving with a bullish bias, but plummeted after the release of the employment report, finding support above 91.00. After bottoming on Thursday’s Asian session resumen the upside, but so far it has been unable to rise back to the levels it had before the jobs report.
Lewis Barber, from Forex Trading University notes that the AUD/JPY is well positioned above 91.00, that is a key support. “From here we see potential for this market to push higher possibly back up to retest key resistance at 94.00”.
AUD/JPY technical outlook
Last week the AUD/JPY was moving with a bullish bias, but plummeted after the release of the employment report, finding support above 91.00. After bottoming on Thursday’s Asian session resumen the upside, but so far it has been unable to rise back to the levels it had before the jobs report.
Lewis Barber, from Forex Trading University notes that the AUD/JPY is well positioned above 91.00, that is a key support. “From here we see potential for this market to push higher possibly back up to retest key resistance at 94.00”.