AUD/JPY bulls marching on

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 17, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    AUD/JPY is currently on a rebound on the daily sticks having risen from the lows of 20016 and just shy of the 20 dma at 82.67 today.

    The high so far has been 82.42. The Aussie will garner strength vs the Yen so long as risk mood continues to build, but the foundations for that are very fragile currently and so much as a market rumor can change the direction on the trend in a moment. Oil continues to be the main driver, see below. The calendar is light on data for today, so we turn to the Aussie jobs data tomorrow.

    Oil turns lower as skepticism over ‘output freeze’ arises

    AUD/JPY levels

    Technically, the cross remains in bearish territory while below the 20 dma and has a mountain to get through before the pair can get into a neutral position. The pivot is in reach here at 81.43 ahead of R1 at 82.38, R2 at 82.95 and R3 at 83.90. To the downside, S1 is at 80.86, S2 at 79.91 and S3 at 79.33.
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