Australian Dollar-Yen May Have Reached Long-Term Ceiling
Dow Jones
Yesterday
0454 GMT - The Australian dollar-the Japanese yen pair may have reached its long-term ceiling, Citi Research strategists say in a note. The pair's 100-day moving average, now around 112, will likely become a resistance line that stifles any rebound, the U.S. bank says. In addition to the overall weakness of the yen, the strength of the Australian dollar in a risk-on environment drove the pair sharply higher earlier this year, the bank says. Citi expects the Australian dollar-yen pair to decline to around 108 by December, followed by a fall to below 105 in the first half of next year. The pair is at 110.43.
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