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AUDJPY – Something To Cheer For Aussie Bulls

Japanese yen weakness is here to stay, which means more upside in AUDJPY is likely in the near term towards 99.00.

Technical Analysis
Earlier today, the BOJ Monthly Economic Survey was released by the Bank of Japan, which mentioned that “Japan's economy has continued to recover moderately as a trend, and effects such as those of the decline in demand following the front-loaded increase prior to the consumption tax hike have been waning on the whole”. This can be considered a positive, but the Japanese yen buyers were not impressed by the report, as the yen pairs were seen trading a touch higher after the release.

Currently, the AUDJPY pair is testing the 38.2% Fibonacci retracement level of the last leg from the 101.35 high to 95.19 low. However, the pair managed to settle above the 50 simple moving average (SMA) – 4H, which is a short-term bullish sign. So, if the pair settles above the 38.2% fib level, then there is a chance of it heading towards the 100 SMA (4H). AUDJPY might struggle around the 99.00 area as 100 SMA is coinciding with the 61.8% fib level around the mentioned area.

If the AUDJPY pair corrects lower from the current levels, then initial support is around the 50 SMA (4H). A break below the same might take it towards the broken trend line, which could act as a support in the near term.

More On The BOJ Monthly Economic Survey
There were other important points to note from the BOJ Monthly Economic Survey, including the mention that the private consumption has remained resilient as a trend with the employment and income situation improving steadily. We need to see how the Japanese yen trades in the coming sessions and whether buyers get into action or not.

Monday, 22 Dec, 2014 / 7:55

Source : http://capitaltrustmarkets.com/audjpy-something-cheer-aussie-bulls

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