AUD/JPY holding the line

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On Friday, AUD/JPY briefly touched the lowest since June and violated some key support levels but it has recovered and is trading higher today as risk appetite improves.

Japanese banks were said to be on the offer up to 80.30. If true, that shows significant aussie buying interest.

The pair has essentially ranged between the 68.2% and 61.87% retracements of the Feb-June decline for the past 3 months and today’s rebound points to a continuation of that trend.

AUD/USD has now climbed as high as 1.0263. Offers at 1.2070/80 with some stops above. More offers at 1.2090/1.0300.

EUR/AUD has been a traders’ favorite for the past few weeks, moving in solid, well-defined trends. Offers at 1.2615/25 (spot 1.2589).

Author: Adam Button

Adam Button is the managing editor of ForexLiveâ„¢. He was previously the chief currency strategist at XForex and has also worked with Intermarket Strategy. Adam believes there's an edge in knowing every tidbit of news. He was formerly the head of the markets team at the Canadian Economic Press and is a graduate of Ryerson University. Adam lives in Montreal, follow him on Twitter: @FX_Button.


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Adam Button

One Comment

  1. Range bound indeed. Push for further downside I think we need a couple daily closes below 79.90 with a solid close below 79.30 to push into 78/77 range.


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