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27 Aug 2015
AUD/JPY reaching R1 on golden cross
FXStreet (Guatemala) - AUD/JPY is currently trading on the bid at 86.72 with a high of 86.95 and a low of 85.05.
AUD/JPY has been making a minor recovery, possibly supported on the Nippon Life Insurance in talks to buy NAB insurance business news, although remains in negative territory below the 200 SMA on the hourly chart having fallen from 90.00 at the start of this busy week and is only now starting to show signs of a potential opportunity on the upside on yesterday's rally from 0.8420 supporting zone on a double bottom, despite Kuroda giving the green light to markets to buy Yen when he explained in his upbeat announcements that QQE is achieving their ambitions towards their inflation target and that that Abenomics has fixed the excessive appreciation of the Yen.
AUD/JPY supported on less negative risk sentiment
The Aussie got a lift on both better risk sentiment, a recovery in commodities as well as a favourable data element of the Capex for Q2 on business spending forecasts better than expected. For the cross, the upside in the USD/JPY has been beneficial on a recovery there also as markets home in on the Chinese efforts in the currency wars as they dump record amounts of US T-Bills and is subsequently increasing the yield differentials that are supporting the greenback in an environment where US data is also bullish. USD/JPY is now through the critical 120.70 level and has surpassed the 200 DMA.
AUD/JPY better bid on golden cross
Technically, AUD/JPY has reached initial upside target of R1 at 86.96 having displayed a golden cross on the 20/100 SMA on the 30 minute sticks. It is also supported on the 20 SMA on the 30 min chart, currently at 86.32 at time of writing and 85.80 previously.
AUD/JPY has been making a minor recovery, possibly supported on the Nippon Life Insurance in talks to buy NAB insurance business news, although remains in negative territory below the 200 SMA on the hourly chart having fallen from 90.00 at the start of this busy week and is only now starting to show signs of a potential opportunity on the upside on yesterday's rally from 0.8420 supporting zone on a double bottom, despite Kuroda giving the green light to markets to buy Yen when he explained in his upbeat announcements that QQE is achieving their ambitions towards their inflation target and that that Abenomics has fixed the excessive appreciation of the Yen.
AUD/JPY supported on less negative risk sentiment
The Aussie got a lift on both better risk sentiment, a recovery in commodities as well as a favourable data element of the Capex for Q2 on business spending forecasts better than expected. For the cross, the upside in the USD/JPY has been beneficial on a recovery there also as markets home in on the Chinese efforts in the currency wars as they dump record amounts of US T-Bills and is subsequently increasing the yield differentials that are supporting the greenback in an environment where US data is also bullish. USD/JPY is now through the critical 120.70 level and has surpassed the 200 DMA.
AUD/JPY better bid on golden cross
Technically, AUD/JPY has reached initial upside target of R1 at 86.96 having displayed a golden cross on the 20/100 SMA on the 30 minute sticks. It is also supported on the 20 SMA on the 30 min chart, currently at 86.32 at time of writing and 85.80 previously.