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AUD/JPY ends a 3-day slide, near 50-DMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 6, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    The bid tone surrounding AUD/JPY weakened a bit ahead of European open, as the AUD bulls took a beating after the risk sentiment came under mild pressure.

    AUD/JPY regains 83 and beyond

    The AUD/JPY pair now advances 0.29% to 83.47, retreating from session highs printed at 83.67 in early Asia. The cross in the AUD/JPY halted its 3-day losing streak and jumped back on the bids amid a solid rebound staged by the AUD/USD pair. While the yen remained on the back foot against the US dollar as expectations of more BOJ intervention heightened to curb a strong domestic currency.

    However, the recovery lost steam just ahead of daily R3 and drifted lower as the rebound in the Asian equities faded and weighed once again on the investors’ sentiment. Next on tap for the cross, remains the RBA assistant governor Kent’s speech ahead of the key FOMC minutes.

    AUD/JPY Technical Levels

    To the upside, the next resistance is located at 84.64/69 (Apr 5 high/ 100-DMA) and above which it could extend gains to at 85.04 (20-DMA). To the downside immediate support might be located 82.81 (1-month low) below that at 82.59/50 (Mar 3 Low/ psychological levels).
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