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AUD/JPY faces double whammy, weakest in 3-weeks

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 29, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The offered tone in the AUD/JPY cross keeps growing bigger during the European session, as the Aussie receives double blow from the strengthening yen as well as from the losses in AUD/USD.

    AUD/JPY hovers above 85.50

    Currently, the AUD/JPY pair drops -0.66% to 85.62, recovering slightly from fresh three-week lows reached at 85.52 in recent dealings. The Australian dollar remains weak against the yen largely tracking the weakness in AUD/USD after the latest Fed statement reinforced beliefs surrounding divergent monetary policy outlooks between the RBA and Fed.

    Moreover, diminishing hopes of BOJ easing tomorrow following the release of upbeat Japan’s industrial production data bolster the JPY bulls, with USD/JPY heavily sold-off on yen comeback.

    The focus now shifts towards the main highlight of today’s trading session, the US Q3 GDP data. While Friday’s BOJ decision will be closely eyed for further momentum.

    AUD/JPY Technical Levels

    To the upside, the next resistance is located at 85.99/86 (Today’s High/ round number) and above which it could extend gains to 86.89 (1h 100-SMA). To the downside immediate support might be located 85.55 (daily S2) below that at 85.11/85 (Oct 6 low + round number).
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