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AUD/JPY capped at key 4hr 50 sma

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 20, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Guatemala) - AUD/JPY has been a quiet play at the start of Asia while the NZD, on the other hand, and NZD/JPY has seen all the flow on the back of the CPI's shockingly poor and missing expectations.

    Meanwhile, the Aussie has been in recovery mode as the week progressed with oil, temporarily bid, risk appetite showing signs of a partial comeback as well. This leaves the Yen hung out to dry off, but by no means have we seen the last of risk aversion, that can be assured within the global uncertainties,, especially in nations such as New Zealand are going to carry on printing bearish data such as today.

    AUD/JPY levels

    AUD/JPY recently hit down to levels not seen since October 2012 when the 200 week sma supporting the recovery from 74.45 was tested at 81.34 today after lows otherwise scored earlier at 79.56.

    The price has lost its footing from above 100 on the wide as far out as November 2014 and has shaped a defined bearish trend that just recently broke the 200 week sma that stands at 82.34 currently. A recovery back to the 50 sma at 81.76 is required on the 4hr chart if the cross is going to sustain a recovery into neutral and a phase of consolidation at least. That level has been tested, but failed to follow through.
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