Forex Trading: Despite Better Data, Australian Dollar Weakens Against The Japanese Yen

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Forex Trading: Despite Better Data, Australian Dollar Weakens Against The Japanese Yen

By Greg Michalowski on May 12, 2009 | More Posts By Greg Michalowski | Forex News By FXDD

Notwithstanding the continued strong economic releases out of Australia, today again we received strong growth in the Home Loans figure (fastest rise in ‘09,) the AUD/JPY pair has weakened as JPY is stronger across the board on an equity pull back and the aftermath of the stress test results as the world awaits China’s April Trade Balance figures. The pair however has traded down to the 200hr moving average, just below the 61.8% short-term retracement, which should provide some support and we will use as an opportunity.

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