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22 May 2014
AUD/JPY: Resistance 93.75 out of the way
FXStreet (Bali) - AUD/JPY is trading on a strong bullish tone intraday following a surprisingly strong China HSBC PMI, breaking 94.00 round number and heading towards 94.50 next support.
Sean Lee, Founder at FXWW, notes how AUD/JPY has taken out s/t Fibo resistance at 93.85, adding that " this pair is worth watching, as the short-term market has been bearish and generally short, so there will be plenty of trailing stops scattered along the way."
So far, the AUD/JPY has achieved its highest day level at 94.10, an upwards extension that follows the rebound seen on Wednesday off 93.03, 2-month low.
Sean Lee, Founder at FXWW, notes how AUD/JPY has taken out s/t Fibo resistance at 93.85, adding that " this pair is worth watching, as the short-term market has been bearish and generally short, so there will be plenty of trailing stops scattered along the way."
So far, the AUD/JPY has achieved its highest day level at 94.10, an upwards extension that follows the rebound seen on Wednesday off 93.03, 2-month low.