FxWirePro: AUD/JPY Holds Cloud Base Support at 82.45, Breaks Below Could See Further Weakness

FxWirePro: AUD/JPY Holds Cloud Base Support at 82.45, Breaks Below Could See Further Weakness

18 April 2016, 07:25
Roberto Jacobs
0
11

FxWirePro: AUD/JPY Holds Cloud Base Support at 82.45, Breaks Below Could See Further Weakness

  • Oil driven-risk-off after failure of Doha talks drives Yen higher across the board. 
  • AUD/JPY sees 120-pips bearish gap opening, recovers slightly from fresh four-day lows struck at 82.47 in early trades. 
  • The pair finds strong support by cloud base at 82.45, weakness only on breaks below. Test of 81.86 then likely. 
  • Technicals on daily charts are biased lower, Doji formed in the Asian session. Downside seen on weekly charts. 
  • Pair finds immediate support at 82.45 (cloud base) ahead of 82.21 (Jan 25th lows) and then 82.12 (Jan 22nd lows). 
  • On the upside resistance is located at 82.90 (cloud top), 83 and 83.47 (April 12th highs). 
  • Focus will remain on RBA’s monetary policy meeting minutes due for release tomorrow, no major data is scheduled for the day.

Recommendation: Good to sell rallies around 82.90-83 levels, SL: 83.60, TP: 82.45/82/ 81.85


The material has been provided by InstaForex Company - www.instaforex.com


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