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AUD/JPY eyes Wednesday’s high, above 87

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 6, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The AUD/JPY cross picked-up pace and climbed to fresh daily highs beyond 87 handle in the European morning, as the AUD bulls jumped back into the game.

    AUD/JPY finds good support near 86.90 region

    Currently, the AUD/JPY pair rises 0.39% to 87.30, hovering close to fresh two-day highs reached at 87.38 last minutes. The cross in the AUD/JPY regains strength and extends its bullish momentum into a fifth-day today, mainly backed by the renewed bid tone seen in the AUD/USD pair.

    While a weaker yen versus the greenback on the back of BOJ Kuroda’s comments and a broadly higher USD, also helps the rally in AUD/JPY.

    Earlier in the Asian session, the dovish RBA SoMP weighed on the Aussie while BOJ Kuroda’s comments citing that a weak yen is helping the Japanese economy dragged the Japanese currency lower.

    In the day ahead, all eyes remain focussed on the crucial US jobs data for further hints on the timing of the Fed rate hike this year.

    AUD/JPY Technical Levels

    To the upside, the next resistance is located at 87.59 (Nov 4 High) and above which it could extend gains to 87.66/86 (100-DMA/ Oct 27 High). To the downside immediate support might be located 86.87 (daily low) below that at 86.49 (10-DMA).
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