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AUD/JPY breaks above 85.50 resistance

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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    AUD/JPY marches on at a steady pace since the open of markets on Monday, with the latest buying flows out of Asia now allowing the Aussie to break above 85.50, setting a new 3-day high of 85.70 ahead of 85.85/86.00 macro level.

    Japan: Upbeat household spending, retail sales disappoint

    Fundamentally, amid a vacant calendar in Australia, Japan published mixed data, with overall household spending for February upbeat, coming at +1.2% vs -1.9% expected and -3.1% last, while on the flip side, Japan retail sales (YoY) registered at 0.5%, below expectations (1.7%) in February.

    Meanwhile, Japanese Finance Minister Aso said earlier today that FX and stock markets are showing signs of stabilisation.

    AUD/JPY key levels

    Should the ascent persist, bulls will find in 85.85 up to 86.00 a hard nut to crack. Should a resolution above this macro level be successful for the interest of buyers, 86.40/50 (March 11 high) is next focus for the Aussie. On the downside, 85.50 now becomes immediate support intraday followed by 85.35 (daily pivoy) ahead of a deeper retracement towards 85.00.
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