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AUD/JPY fades a spike to 81.30, despite risk-on

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 1, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The AUD/JPY pair gave up nearly 50-pips over the last hour and slipped back below 81 handle, as the Australian dollar shaved-off entire gains and turned negative against the buck.

    AUD/JPY pares gains and drops further below 20-DMA

    Currently, the AUD/JPY pair trades 0.32% higher at 80.73, reversing a spike to daily highs reached at 81.31 post-European open. The cross in the AUD/JPY are seen trimming gains, although remain firmly on the bids, mainly backed by the ongoing weakness in the yen versus the US dollar, with the USD/JPY pair extending further beyond 113 handle.

    While the retreat from daily tops can be attributed to the renewed sell-off seen in the AUD/USD, after the prices failed to take out 0.72 barrier. The Aussie rallied earlier today after the RBA left the key rate unchanged at 2.0%.

    AUD/JPY Technical Levels

    To the upside, the next resistance is located at 81.01/81.03 (20 & 5-DMA) and above which it could extend gains to 81.31/50 (daily high & R2). To the downside immediate support might be located 80 (round number) below that at 79.29 (Feb 12 Low).
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