AUD/USD remains bid as EUR/JPY, USD/JPY fall out of bed
AUD/USD remains bid as EUR/JPY, USD/JPY fall out of bed amid yen appreciation.
AUD/USD remains bid
Last week's AUD/USD chart close above the late January high at $0.6330 is medium-term bullish and targets the $0.6850 region. First this week's high at $0.6374 needs to be bettered, however.
Because of inverse polarity, the $0.6330 January peak has now become support. Further minor support may be found around the $0.6302 early January high and along the 55-day simple moving average (SMA) at $0.6267.
USD/JPY drops further
Last week's USD/JPY rejection by the 55-day SMA at ¥154.93 and this week's fall through the September-to-February support line has taken the cross to our ¥150.00 target. Below it beckons the ¥148.65 December low.
Minor resistance can now be seen at the ¥150.93 early February low.
Only a rise above last week's ¥154.80 high would engage the early February high at ¥155.88.
EUR/JPY falls out of bed
Last week's EUR/JPY reversal from its 55-day SMA at ¥161.07 nears the December-to-February lows at ¥156.18-to-¥155.65.
Minor resistance now sits at the early February low at ¥157.97.
Only if last week's high at ¥161.19 were to be overcome, would the ¥164.00 region be eyed
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