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20 Sep 2013
Elliott Wavers say AUD/JPY in “abc” correction lower with 93.15 target
FXstreet.com (Barcelona) - The AUD/JPY has started to turn lower again after setting a very short-term peak at 94.09 in the last hour ahead of BOJ Governor Kuroda’s speech.
AUD/JPY to react to Kuroda speech and technical set-ups Friday
AUD/JPY traders will be monitoring the words and tone of Bank of Japan Governor Haruhiko Kuroda when he gives a press conference to discuss Japanese monetary policy early Friday.
After the speech, traders will likely get back to viewing AUD/JPY as a key gauge of global risk appetite – which has obviously been strong over the last 48 hours.
Technical outlook for AUD/JPY
Elliott Wave technicians say the AUD/JPY finished up a wave “b” higher of a larger “abc” correction lower early Friday and has begun to move lower in the early stages of wave “c” with a downside target of 93.15. They note that a close above resistance at 94.09 will negate this view.
AUD/JPY to react to Kuroda speech and technical set-ups Friday
AUD/JPY traders will be monitoring the words and tone of Bank of Japan Governor Haruhiko Kuroda when he gives a press conference to discuss Japanese monetary policy early Friday.
After the speech, traders will likely get back to viewing AUD/JPY as a key gauge of global risk appetite – which has obviously been strong over the last 48 hours.
Technical outlook for AUD/JPY
Elliott Wave technicians say the AUD/JPY finished up a wave “b” higher of a larger “abc” correction lower early Friday and has begun to move lower in the early stages of wave “c” with a downside target of 93.15. They note that a close above resistance at 94.09 will negate this view.