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30 Jul 2014
AUD/JPY is squeezed into a pennant, longing for escape
FXStreet (Moscow) - AUD/JPY is trading at 95.77, marginally down on the day, as sleepy Asian markets provide no clues for traders
Waving pennant
AUD/JPY bottomed out in the middle of July at 94.37 level, but the bullish movement that followed could not bring the cross higher than 96.00. The upside stalled and AUD/JPY slipped into a range that is taking a shape of у pennant on a daily chart. The cross sentiments are dependent on both Aussie and JPY dynamics, though neither currency has been treating us with a clear clues lately. It mens that AUD/JPY is likely to stay within its recent range with immediate resistance at 0.8585/88 followed by 0.8600 pivot and the nearest support at 0,8560.
What price levels and patterns have to be considered?
Current price is 95.79, with resistance ahead at 95.81 (Hourly 20 EMA), 95.81 (Hourly 100 SMA), 95.81 (Daily Classic PP), 95.83 (Daily Open) and 95.88 (Daily High).
Next support to the downside can be found at 95.69 (Daily Classic S1), 95.69 (Daily Low), 95.69 (Weekly Low), 95.68 (Yesterday's Low) and 95.61 (Weekly Classic PP).
Waving pennant
AUD/JPY bottomed out in the middle of July at 94.37 level, but the bullish movement that followed could not bring the cross higher than 96.00. The upside stalled and AUD/JPY slipped into a range that is taking a shape of у pennant on a daily chart. The cross sentiments are dependent on both Aussie and JPY dynamics, though neither currency has been treating us with a clear clues lately. It mens that AUD/JPY is likely to stay within its recent range with immediate resistance at 0.8585/88 followed by 0.8600 pivot and the nearest support at 0,8560.
What price levels and patterns have to be considered?
Current price is 95.79, with resistance ahead at 95.81 (Hourly 20 EMA), 95.81 (Hourly 100 SMA), 95.81 (Daily Classic PP), 95.83 (Daily Open) and 95.88 (Daily High).
Next support to the downside can be found at 95.69 (Daily Classic S1), 95.69 (Daily Low), 95.69 (Weekly Low), 95.68 (Yesterday's Low) and 95.61 (Weekly Classic PP).