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AUD/JPY firmer, heading towards 200-DMA?

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 28, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The AUD/JPY cross received a double booster shot on Easter Monday, with light trading adding to the bullish under tone, driving the rate towards 85.50.

    AUD/JPY gains for the 3rd straight session

    Currently, the AUD/JPY pair rises 0.64% to 85.45, hovering close to fresh session highs posted at 85.50 last minutes. The bulls tightened the grip on the AUD/JPY cross over the last hours after the rebound in the AUD/USD pair picked-up pace tracking the recovery in the oil and gold prices.

    However, further upside remains in check as the USD/JPY rally appears to have taken a pause, as markets await fresh cues from the US PCE index, pending home sales and personal spending data due later in the NY session.

    AUD/JPY Technical Levels

    To the upside, the next resistance is located at 86 (round number) and above which it could extend gains to 86.54 (200-DMA). To the downside immediate support might be located 85.02/85 (daily low/ round number) below that at 84.67/28 (daily S3/ Mar 24 Low).
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