AUD/JPY holding the line

Author: Adam Button | Category: News

On Friday, AUD/JPY briefly touched the lowest since June and violated some key support levels but it has recovered and is trading higher today as risk appetite improves.

Japanese banks were said to be on the offer up to 80.30. If true, that shows significant aussie buying interest.

The pair has essentially ranged between the 68.2% and 61.87% retracements of the Feb-June decline for the past 3 months and today’s rebound points to a continuation of that trend.

AUD/USD has now climbed as high as 1.0263. Offers at 1.2070/80 with some stops above. More offers at 1.2090/1.0300.

EUR/AUD has been a traders’ favorite for the past few weeks, moving in solid, well-defined trends. Offers at 1.2615/25 (spot 1.2589).