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11 Mar 2015
AUD/JPY needs to do more to get out of bearish territory
FXStreet (Guatemala) - AUD/JPY is currently trading 92.63 with a high of 92.72 and a low of 92.22.
AUD/JPY has been on the bid since the lows at 92.20 territory and is making a small comeback although has some work to do if it is going to break back in to positive territory at 93.50. The move below 93 was significant and broke the ascending support trend line from 91.00 at the start of Feb.
Fundamentally, we have seen disappointments from Australian data recently that showed the business sector in a poor light yesterday, with the NAB Monthly Business Survey out. The NAB Monthly Business Survey for the month of February this year gave us business confidence falling from 3 to 0 while the business conditions unchanged at 2, telling us that the RBA may not have done enough to encourage growth in the sector and arms bears with ammunition to continue selling the currency. Then today there were disappointments in the Westpac consumer confidence as well. King was speaking however and he managed to shed some bullishness around the RBA's current policy which supported the Aussie to some degree.
AUD/JPY has been on the bid since the lows at 92.20 territory and is making a small comeback although has some work to do if it is going to break back in to positive territory at 93.50. The move below 93 was significant and broke the ascending support trend line from 91.00 at the start of Feb.
Fundamentally, we have seen disappointments from Australian data recently that showed the business sector in a poor light yesterday, with the NAB Monthly Business Survey out. The NAB Monthly Business Survey for the month of February this year gave us business confidence falling from 3 to 0 while the business conditions unchanged at 2, telling us that the RBA may not have done enough to encourage growth in the sector and arms bears with ammunition to continue selling the currency. Then today there were disappointments in the Westpac consumer confidence as well. King was speaking however and he managed to shed some bullishness around the RBA's current policy which supported the Aussie to some degree.