AUD/JPY attempts another run towards 86 handle?

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 29, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    The AUD/JPY cross met fresh supply just shy of 86 handle and retreated sharply to 85.60 region in the late-Asian trades, before recovering ground somewhat in early Europe.

    AUD/JPY holds above 85.50 resistance-turned support

    Currently, the AUD/JPY pair rises 0.11% to 85.69, having bounced-off session lows of 85.50. The cross took a pause from a four-day upsurge and now consolidates the upside before the next push higher, mainly driven by broad yen weakness amid latest chatter about the Japanese government eyeing JPY 5 trillion stimulus measures.

    Over the last hours, the retreat seen in the AUD/JPY cross from eleven-day highs can be also attributed to the renewed bout of selling interest caught by AUD/USD, as the oil prices extend losses for the fourth straight session. Moving on, the US datasets and Fed Chair Yellen’s speech is expected to set the tone for the Aussie in the day ahead.

    AUD/JPY Technical Levels

    To the upside, the next resistance is located at 86 (round number) and above which it could extend gains to 86.50 (200-DMA). To the downside immediate support might be located 85/84.93 (round number/ 100-DMA) below that at 84.52/28 (daily S3/ Mar 24 Low).
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