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19 Mar 2014
AUD/JPY holding above broken trendline at 92.50
FXStreet (Bali) - AUD/JPY is trading around the 92.50 support area, following a new weekly high of 92.80 back in the last US session.
After huge gains printed last Monday, an early setback on Tuesday saw the pair recover the bid tone around the 92.00, with the latest run-up having broken above the upper line of a descending channel coming off 94.40.
Should buyers be able to hold above the 92.50 support level, recent highs at 92.80 could be exposed ahead of 93.00 (round number, horizontal support March 10). On the downside, failure to hold the broken trendline may see scope for a return back towards 92.00, where solid bids were seen on Tuesday.
After huge gains printed last Monday, an early setback on Tuesday saw the pair recover the bid tone around the 92.00, with the latest run-up having broken above the upper line of a descending channel coming off 94.40.
Should buyers be able to hold above the 92.50 support level, recent highs at 92.80 could be exposed ahead of 93.00 (round number, horizontal support March 10). On the downside, failure to hold the broken trendline may see scope for a return back towards 92.00, where solid bids were seen on Tuesday.