AUD/JPY catches fresh bid, back above 80

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 12, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The AUD/JPY pair was quite a chop in today’s trading so far, although managed to regain 80 - key psychological handle amid risk-on/ relief rally seen in the European equities.

    AUD/JPY awaits US data

    Currently, the AUD/JPY pair trades 0.15% to 80.05, trying hard to take-out key resistance near 80.15 region. The AUD/JPY cross fluctuated between gains and losses this Friday, with the risk-off sentiment seen in Asia pressuring the cross below 80 handle, while the renewed optimism seen in Europe on the back of a relief rally in the European stocks boosted the bids.

    The dollar-yen pair remains bid near 112.50 levels, recovering from below 112 handle, as a renewed risk-on wave weighed on the yen. While AUD/USD also swung back above 0.71 handle and now heads towards daily highs printed at 0.7128.

    Meanwhile, markets continue to take cues from the sentiment on the European stocks ahead of a batch of US macro releases due later in the NY session.

    AUD/JPY Technical Levels

    To the upside, the next resistance is located at 80.50/54 (round number/ daily high) and above which it could extend gains to 80.77 (1h 100-SMA). To the downside immediate support might be located 79.54/33 (daily pivot & low) below that at 79.17/00 (Jan 20 Low/ round figure).
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