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FxWirePro: JPY bulls on rampage, AUD/JPY hit new 4-year low of 76.86

  • JPY bulls completely in charge, AUD/JPY sinks to new  4-year low of 76.89.
     
  • Breaks all support levels, holds support at 76.86 (low for the week ended May 21st 2012).
     
  • Techs bearish alignment supports further downside, we see scope for 75.98 and then 75.40
     
  • Markets now await BOJ Governor Kuroda’s press conference scheduled ahead of the European open.
     
  • The pair has edged higher from  session lows at 76.86 to retake the 77 handle.
     
  • Uncertainty heading into Brexit referendum to see increased JPY demand. 

Recommendation: Use upticks for buying opportunities, SL: 78, TP: 76/75.40
 

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