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5 Jul 2013
AUD/JPY struggling at 91.70, 20-day MA
FXstreet.com (Barcelona) - The AUD/JPY exchange rate is advancing further on Friday, presently sitting at 94.75, building on Thursday's gains which took the cross from 90.77 to 91.44 at the NY close.
RBA Lowe denial on Stevens comments buys AUD/JPY
The latest intraday rise in the AUD/JPY came courtesy of RBA deputy governor Lowe, who was able to revert the pricing on an Aug RBA rate cut in the swap market from roughly 60% to now back around 45%. Lowe confirmed that RBA chief Stevens prior day's comments over 'the unusual length the central bank had discussed' its latest rate decision, had been misinterpreted.
AUD/JPY technical analysis
The recovery in sentiment towards the Australian Dollar, has caught sellers on the cross on the wrong foot, as evident by the regain of almost all losses incurred last July 3. However, buyers still seem to struggle overcoming the 20-day MA - today at 91.70 -, with the 5th daily attempt finding a heavy terrain right around this area. On the upside, the AUD/JPY should break through 91.70 first followed by 92.50 - June 12, 14 highs - before upgrade bull calls. On the downside, the area between 90.00 and 90.30 has been well guarded by dip buying strategies, thus as long as the area holds, the pair has its chances to revive higher.
RBA Lowe denial on Stevens comments buys AUD/JPY
The latest intraday rise in the AUD/JPY came courtesy of RBA deputy governor Lowe, who was able to revert the pricing on an Aug RBA rate cut in the swap market from roughly 60% to now back around 45%. Lowe confirmed that RBA chief Stevens prior day's comments over 'the unusual length the central bank had discussed' its latest rate decision, had been misinterpreted.
AUD/JPY technical analysis
The recovery in sentiment towards the Australian Dollar, has caught sellers on the cross on the wrong foot, as evident by the regain of almost all losses incurred last July 3. However, buyers still seem to struggle overcoming the 20-day MA - today at 91.70 -, with the 5th daily attempt finding a heavy terrain right around this area. On the upside, the AUD/JPY should break through 91.70 first followed by 92.50 - June 12, 14 highs - before upgrade bull calls. On the downside, the area between 90.00 and 90.30 has been well guarded by dip buying strategies, thus as long as the area holds, the pair has its chances to revive higher.