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10 Jul 2013
AUD/JPY confirms upside break; focus shifted to 93.75
FXstreet.com (Barcelona) - The AUD/JPY exchange rate is consolidating gains above former-resistance-turned-support at 92.40/45 following a fruitful day for the interest of the Australian Dollar.
AUD/JPY confirms range breakout
After recent action action hinted at heightened chances of an upside breakout in the AUD/JPY, the final squeeze through stop loss orders at 92.45/50 barrier saw the pair extend its rally towards 93.00, where consistent offers were mete. However, the close near highs at 92.77 on the daily chart qualifies the pair for a more ambitious outlook going forward.
AUD/JPY next targets
On the upside, the most evident area of resistance to face will be found at 93.75 - June 6 swing low - ahead of 94.20 - June 6 intraday high - followed by round number 95.00. On the downside, any retest of 92.40 should see solid bids re-emerging.
AUD/JPY confirms range breakout
After recent action action hinted at heightened chances of an upside breakout in the AUD/JPY, the final squeeze through stop loss orders at 92.45/50 barrier saw the pair extend its rally towards 93.00, where consistent offers were mete. However, the close near highs at 92.77 on the daily chart qualifies the pair for a more ambitious outlook going forward.
AUD/JPY next targets
On the upside, the most evident area of resistance to face will be found at 93.75 - June 6 swing low - ahead of 94.20 - June 6 intraday high - followed by round number 95.00. On the downside, any retest of 92.40 should see solid bids re-emerging.