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AUD/JPY: Bulls defending 83 barrier

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The AUD/JPY cross rebounds sharply in the European session this Friday, and remains poised to book the first daily gains in four, as risk-on sentiment persists on higher equities and oil prices.

    AUD/JPY holds above 83 handle


    Currently, the AUD/JPY pair jumps 0.88% to 83.23, retreating from a dip to fresh session lows reached at 83.08. Having face stiff resistance around 83.80 region couple of times earlier this session, the AUD/JPY cross is seen consolidating to the upside before the next leg higher, with markets in a full risk-on mode, spurred by the recovery in China stock markets and a weaker yuan fix.

    Hence, the AUD/USD pair continues to take the yield advantage and shoots higher while the yen corrects lower on reduced appetite for safety assets. The rebound in global equities along with higher oil prices keep the sentiment underpinned and AUD/JPY in the green zone.

    Moreover, markets shrugged off mixed Australian datasets released earlier in Asia, as attention now remains on the payrolls data for further momentum.

    AUD/JPY Technical Levels


    To the upside, the next resistance is located at 83.85 (Daily High) and above which it could extend gains to 84.10/15 (5-DMA/ Jan 7 High). To the downside immediate support might be located 82.94 (20-DMA) below that at 81.96 (Jan 7 Low).
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