FX News - Apr 7: USD/JPY Slips, AUD/USD Nears 0.93

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The USD/JPY continued to slide in today’s Asian session ahead of a busy week for the pair. After peaking just above the 104.00 area last Friday, it’s been on a decline since then. Today’s opening session wasn’t so different, as the pair traded at 103.32, before slipping further to its current level.

Later this week, the US and Japan’s calendars will be quite a busy one with Japan releasing its interest rate decision and monetary policy statement tomorrow (3AM GMT), while the US will release its FOMC minutes on Wednesday (6PM GMT).

The USD/JPY pair is currently trading at 103.07, with initial resistance seen at 103.72, followed by 103.98. Meanwhile, initial support is at 102.77, followed by 102.52.

AUD/USD Threatens 0.93 Area

After successfully breaking and then slipping under the 0.9300 zone, the AUD/USD pair has once again knocked on its door early in today’s Asian session. It opened today at a healthy 0.9288.

The positive mood over the pair has partly been influenced by Australia’s AIG Performance of Construction Index in March, which came out at 46.2, which was higher than the previous 44.2. As the Asian session progressed, however, bears got the upper hand, dragging down the pair to a session low of 0.9271. It’s once again making a comeback, and is currently trading at 0.9280. Initial resistance for the pair is at 0.9345, followed by 0.9368. Meanwhile, initial support is at 0.9257, followed by 0.9234.

Up ahead, analysts expect the AUD/USD pair to hit the 0.9500 area, based on its recent performance. While the pair is currently unable to maintain the 0.9300 area, it has so far held the 0.9200 zone. Whether it happens or not still remains to be seen, naturally. And when it does, let’s expect the RBA to knock it down again.

By FX Strategy Team, Published on 7th of April 2014
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