WorldWideMarkets Community

Forex Trading, Market News & Technical Analysis

Australian Dollar/Japanese Yen Support and Resistance

Posted by Joseph Trevisani on Mar 4, 2013 6:15:00 PM



Inside Day Yesterday

Resistance 4: 98.23 - High August 11, 2008
Resistance 3: 97.63 - 2013 high February 22
Resistance 2: 97.26 - High February 25
Resistance 1: 95.92 - 21 day moving average

LATEST PRICE: 95.32

Support 1: 94.45 - Low March 1
Support 2: 92.50 - Low January 16
Support 3: 91.21 - Low January 8
Support 4: 90.67 - 38.2% Retracement of 79.42-97.63 move

COMMENTARY: The Aud/Jpy continues to hesitate ahead of the 21-day moving average but found support ahead of the March 1 low yesterday. While the 21-day moving average caps we will continue to look for tests of the January 16 low while back above the 21-day moving average sees fresh 2013 highs targeted. Daily technical studies have begun to correct from oversold levels and have room to move topside should another leg higher unfold.

 

MNI & WWM

Chart: BloombergScreenHunter 696 Mar. 04 18.30 resized 600

 

Tools & Educational Resources

Forex 101LEARN MORE >>
Learn the basics of Forex and how to practice trading the markets.

GlossaryLEARN MORE >>
Confused by the language? Click here and search for key trading terms.

FAQ CenterLEARN MORE >>
Browse our frequently asked questions and find your answers right away.

VideosLEARN MORE >>
Access to the educational lessons, webinars and platform walkthroughs.

READY TO TRY THE MARKETS?

Get started with a FREE $10,000 Demo Account and experience the Forex Market RISK FREE!