There are umpteen numbers of reasons for the AUD/JPY pair moving lower. Mainly, the latest economic releases in China were softer than expected and weighed on the Aussie dollar and in addition, the Japanese yen benefited its ground against most major currencies these days. Elsewhere in the forex markets, commodity currencies (AUD, NZD, CAD, and NOK) where all gainers of the PBoC easing.The AUD has been weakening a massively not only against the USD, but also against the yen. This Asia Pacific (APAC) currency pair has been an exciting and generally tends to react at the least risky environments on carry flows.On daily chart, all signs of technicals are vouching near handsome gains on AUD/JPY as this pair is trading at a significant support level of 91.70, RSI has shown early signals of convergence with price with volumes confirmation as well. An intraday long position can be a good trading bet on this currency pair.
The material has been provided by InstaForex Company – www.instaforex.com