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2 Apr 2014
AUD/JPY targets 97.50 after key breakouts - Westpac
FXStreet (Bali) - AUD/JPY broke key resistance levels and should remain broadly supported near term, notes Sean Callow, FX Strategist at Westpac, who expects an extension as far as 97.50.
Key Quotes
"However, any trade near that level could well form a multi-month high, with the Bank of Japan seemingly not rushing to loosen policy further and AUD’s recent gains mostly not backed by either yields or commodity prices."
"AUDJPY remains in a LT uptrend channel since bottoming in 2008. The 2013 low held key trend line support and produced a bullish 3 month candle pattern."
"The monthly slow stochastic has held above the key 50 level on both the 2013 and 2014 dips, confirming an ongoing uptrend. Monday’s close is the highest monthly close since May 2013."
Key Quotes
"However, any trade near that level could well form a multi-month high, with the Bank of Japan seemingly not rushing to loosen policy further and AUD’s recent gains mostly not backed by either yields or commodity prices."
"AUDJPY remains in a LT uptrend channel since bottoming in 2008. The 2013 low held key trend line support and produced a bullish 3 month candle pattern."
"The monthly slow stochastic has held above the key 50 level on both the 2013 and 2014 dips, confirming an ongoing uptrend. Monday’s close is the highest monthly close since May 2013."