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AUD/JPY above pivot on Yellen presser and dollar weakness

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 16, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Guatemala) - AUD/JPY is currently trading at 87.80 with a high of 88.10 and a low of 87.44.

    AUD/JPY is back to where we started before the Fed decision and after a little and relatively narrow volatility after the release. The cross rate, a good indicator of risk, initially dropped to 87.56 as the greenback paired back losses on the index and took AUS/USD down to test territory through 0.7180.

    The Fed hiked rates by 25bps and the vote was unanimous. The statement said that policy remains accommodative in respect of the jobs sector, and they forecast that the market conditions will warrant only gradual rate-hikes in 2016. We are now listening to Yellen in the presser where more volatility could be expected.

    AUD/JPY levels

    Technically, AUD/JPY has been recovering from 86.50 after a strong bearish trend developed earlier in the month from 90.70. The 4hr 200 SMA comes as first resistance at 88.11 while 86.40 is S3 on the wide. The Pivot is playing out as a magnet at 87.60 while market is volatile again on Yellen, with price moving higher on Aussie dollar strength and a turn in direction in the greenback.
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