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6 Jun 2014
AUD/JPY: Vertical rise faces key descending trendline
FXStreet (Bali) - Currently, AUD/JPY is trading at 95.62, having posted a 3-week high at 95.70 after an agitated Thursday session.
AUD/JPY spot is in overbought territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is slightly bullish. RSI is in neutral territory at 57.44, down from it’s last hourly close at 68.74. Looking to the daily, we see that RSI is neutral at 58.31. The 200 SMA is currently at 95.24, up from 94.65 at the last period close, and climbing on the hourly AUD/JPY chart.
Technically, the pair faces a dynamic resistance just overhead in the form of a trendline originated off this year's high. A break above it would be an indication that bulls will likely push further up towards the next target at 96.00/96.15, next key resistance, ahead of 96.40/50, 2014 high. On the downside, any setback sees no much support until faced with 95.20 ahead of 95.00.
AUD/JPY spot is in overbought territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is slightly bullish. RSI is in neutral territory at 57.44, down from it’s last hourly close at 68.74. Looking to the daily, we see that RSI is neutral at 58.31. The 200 SMA is currently at 95.24, up from 94.65 at the last period close, and climbing on the hourly AUD/JPY chart.
Technically, the pair faces a dynamic resistance just overhead in the form of a trendline originated off this year's high. A break above it would be an indication that bulls will likely push further up towards the next target at 96.00/96.15, next key resistance, ahead of 96.40/50, 2014 high. On the downside, any setback sees no much support until faced with 95.20 ahead of 95.00.