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AUD/JPY fails once again near 84 handle and retreats

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 13, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The AUD/JPY cross traded volatile so far this session, although remains underpinned by the relentless rise in the USD/JPY pair amid risk-on trades at full steam.

    AUD/JPY fresh sellers queued up near 84 handle

    The AUD/JPY pair now advances +0.34% to 83.73, failing another to conquer 84 handle. The cross witnessed wild swings on both sides this Wednesday, before settling in the green zone over the past few hours on the back of renewed weakness in the yen against its American counterpart. The dollar-yen pair trades near a new four-day high of 109.30, up +0.53% on the day.

    However, the recovery from 83.25 low remains confined below 84 handle, as the AUD/USD pair completely shaved-off China trade data driven gains, and remains in the red on the back of selling seen in the black gold. The Aussie moved-off lows to now trade around 0.7670 levels, still down -0.18% so far.

    Moving on, the cross now awaits the US economic releases, including the US retail sales and PPI data, due later today for fresh insights on the US economic conditions and eventually on the US interest rates outlook.

    AUD/JPY Technical Levels

    To the upside, the next resistance is located at 84/84.02 (round number/ daily high) and above which it could extend gains to at 84.27/30 (100 & 20-DMA).To the downside immediate support might be located 83.28/25 (1h 200-SMA/ daily low) below that at 82.93/55 (daily pivot/ 5-DMA).
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