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AUD/JPY: Pressured After Printing Cycle High

AUD

AUD/JPY was pressured on Thursday as weaker Oil and softer US Tsy Yields weighed on the pair, which had printed a multi year high (¥98.62) in early trade on Thursday.

  • This morning we sit at ¥97.45/50, ~1% below yesterday's cycle high.
  • Despite yesterday's fall we remain firmly in an uptrend, bulls focus on breaking 16 Nov high (¥98.62). This opens ¥100 handle, Dec 2014 highs (¥101.37) and Nov 2014 highs (¥102.85).
  • On the downside bears target the 23.6% retracement of the Jul-Nov bull leg which intersects at the ¥97 handle, the 20-Day EMA (¥96.64) and the 100-Day EMA (¥94.98). The 200-Day EMA comes in at ¥93.92.

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