AUD/JPY: 83.40 proving to be tough resistance
FXStreet (Guatemala) – AUD/JPY‘s upside looks limited while the Aussie takes a hit to trade back below the 0.70 handle again.
The Chinese trade data had bolstered the Aussie to trade as high as 0.7049 while the Japanese currency was unraveled in the high 117’s and met a high on the 118 handle of 118.34, just shy of the 200 sma at 118.43 on the hourly chart. However, markets are still nervous and jittery especially in oil and stocks, disabling bulls from much time spent at the wheel. Data for the cross comes tomorrow with the jobs data for the Aussie economy.
Technically, the recovery moved in to compete with 6th and 7th Jan double top at 83.40. However this proved to be a strong resistance level again. A break would be exposing 84.20. To the downside, 200 month SMA at 81.34. 0.7939, the 3rd Oct 2012 weekly stick lows come as next key downside targets.