AUD/JPY: capped at 200 1hr sma, for now

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 13, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    AUD/JPY rallied to the 200 sma on the 1hr sticks while the yen has been a soft performer, giving some ground back across the board as Japanese authorities continue to verbally intervene with FM Aso saying that that Japan will take “proper action” if there are extreme one-sided FX moves.

    At the same time, the greenback has been mixed with bouts of selling pressure supporting a recovery commodities as well as risk appetite increases as we progress through the week also supporting the downside the Yen and underpinning the upside in AUD/JPY. We now await Chinese trade balance today as the next catlyst for the Aussie.

    AUD/JPY levels

    AUD/JPY has started to consolidate the upside within the bullish channel from 80.67 lows meeting the aforementioned 200 sma on the 1hr sticks at 83.40. The next target on the upside is the 6th April high of 83.73 ahead of 84.20 through the 4hr 200 sma at 84.00. To the downside, 82.45 and the pivot of 81.85 are key levels of support for the near-term.
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