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25 Apr 2016
AUD/JPY reversing from 86.00 strong resistance
On Monday, the Japanese currency strengthened against its Australian counter part with the AUD/JPY giving up some of its rapid appreciation on Friday to trade at 85.75 odd level.
The pair's sharp recovery from early April lows of 80.67 stalled at a very important resistance near 86.00 round figure mark. Since the beginning of 2016, the pair has repeatedly failed to sustain its strength above 86.00 mark.
Technical levels to watch
On the upside, 86.00-86.20 area remains key resistance area to be conquered. Only a sustained strength above this immediate strong resistance would pave way for further up-move for the pair in the near-term.
The yen was stronger against its rival currencies on Monday, with Japanese corporate players moving to pick up the Japanese currency after its rapid depreciation since Friday. On a clear break-through beyond this immediate resistance, the pair could immediately dart towards 87.00 mark handle.
on the flip side, should the pair extend its reversal from an important resistance zone and subsequently drop below day's low of 86.50 could exert additional downward pressure on the pair. Below 86.50, the pair could drop towards 85.40-35 horizontal support area.
The pair's sharp recovery from early April lows of 80.67 stalled at a very important resistance near 86.00 round figure mark. Since the beginning of 2016, the pair has repeatedly failed to sustain its strength above 86.00 mark.
Technical levels to watch
On the upside, 86.00-86.20 area remains key resistance area to be conquered. Only a sustained strength above this immediate strong resistance would pave way for further up-move for the pair in the near-term.
The yen was stronger against its rival currencies on Monday, with Japanese corporate players moving to pick up the Japanese currency after its rapid depreciation since Friday. On a clear break-through beyond this immediate resistance, the pair could immediately dart towards 87.00 mark handle.
on the flip side, should the pair extend its reversal from an important resistance zone and subsequently drop below day's low of 86.50 could exert additional downward pressure on the pair. Below 86.50, the pair could drop towards 85.40-35 horizontal support area.