AUD/JPY about to breakout below 82.00?

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 8, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Guatemala) - AUD/JPY is currently trading at 82.09 with a high of 83.91 and a low of 82.07.

    AUD/JPY has dumped once again as the Yen continues to garner strength and, despite a strong nonfarm payrolls result where the Yen was sold off vs the greenback for a cent, supply soon turned the trade into a fade from 118.80 and the price has ended up a cent lower and leaves the cross heading for a breakout below the 82.20 support at time of writing.

    China remains the main focus at the moment while the Fed has been pushed back into second position of regard for the time being. The Chinese crisis has investors running for safe havens and the Yen will remain underpinned in this environment. The RBA will be scrutinised now in respect to their wait and see policy and should the market decide it is time that the RBA act and cut interest rates, the Aussie will be pressured even further.

    AUD/JPY levels

    Technically, the price is testing key support and trades below 20 SMA on the hourly chart at 82.96. A break of this support level would be significant since it has held on two previous occasions in Aug and September business 2015. Momentum offers the potential for a break below and RSI (14) still has room to go on the 4hr chart.
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