AUD/JPY recovered above 81.00 after the cross bottomed at 80.02 while markets were in extreme risk-off mode, seeing the Yen rally across the board and significantly below the 116 handle earlier this week and then below 115.50, 115.00 and 114.80 that exposed 114.40 target. The cross went bid on the back of the Aussie rallying from 0.6074 lows and right up to the 200 sma on the hourly chart at 0.7098 before settling back into consolidation and a 50 pip range. The markets are volatile with little rhyme nor reason to the swings. In the case of the Yen, it will continue to garner support in risk off, especially as best are removed form the table of a hike form the Fed as soon as March, or even this year. However, the Japanese officials will not be in favor of such moves, but there is little that can be done against the market, especially that deposit now rates are now below zero. AUD/JPY levels AUD/JPY trades with a bearish bias below the 200 sma at 84.01, the 100 sma at 82.93 and the 50 sma at 81.81. The 20 sma is located at 81.03 and offers support on the same time frame. While below the 20 dma at 82.78, the price targets the 79.21 that remains the 2016 low. For more information, read our latest forex news.