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5 Aug 2013
AUD/JPY above 88 on a holiday in Australia
FXstreet.com (Barcelona) - The AUD/JPY foreign exchange cross rate is last trading at 88.18, little changed from previous weekly close Friday, ahead of a bank holiday in Australia this Monday.
AUD/JPY looks like a sell-rally
“AUD/JPY is mid-range at 88.00 but looks like a sell-rally proposition whilst still below 89.50,” said FXWW founder Sean Lee, adding: “Overall AUD positioning is at extreme levels which means that we will get a severe short-covering rally as soon as any good news breaks.”
AUD/JPY key technical levels
Immediate support to the downside for AUD/JPY lies at recent session and 2013 lows 87.23, followed by Dec 07 2012 highs at 86.72, and Nov 26 2012 highs at 86.44 . To the upside, closest resistance shows at NY session lows 87.72, followed by London session highs at 88.54, and Tuesday's lows at 88.66.
AUD/JPY looks like a sell-rally
“AUD/JPY is mid-range at 88.00 but looks like a sell-rally proposition whilst still below 89.50,” said FXWW founder Sean Lee, adding: “Overall AUD positioning is at extreme levels which means that we will get a severe short-covering rally as soon as any good news breaks.”
AUD/JPY key technical levels
Immediate support to the downside for AUD/JPY lies at recent session and 2013 lows 87.23, followed by Dec 07 2012 highs at 86.72, and Nov 26 2012 highs at 86.44 . To the upside, closest resistance shows at NY session lows 87.72, followed by London session highs at 88.54, and Tuesday's lows at 88.66.