Nick Nasad
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AUD/JPY - At Precipice as Month Long Support Tested

While the AUD/USD slid through an important support overnight, the AUD/JPY fell back and its currently testing an important support of its own which can be seen from the daily chart.

The 92.35-45 barrier has acted as support twice throughout November when the Aussie was pressured, but in both cases it managed to hold the line. We have a 3rd test of that support coming up now, and coincides with the 200-EMA. Will the AUD/JPY hold once again? Or, will we see a push through this support and a move towards 90.70, the lows from late September/early October?

In the opposite scenario, the support of this wedge pattern will act as a base and be a launching pad for another rally move, but with the macro data in Australia suggesting a further loosening bias from the RBA, the signs currently point to a weaker AUD.