AUD/JPY hits new monthly highs, 84 – a whisker away

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 4, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    The AUD/JPY cross continues to strengthen as we head towards the European open, with bulls poised for third weekly rise in a row.

    AUD/JPY struggling to conquer 84 handle

    Currently, the AUD/JPY pair trades 0.38% higher at fresh session highs of 83.92 last minutes. The cross in the AUD/JPY receives double booster shot, with the yen extending weakness against the buck. While the AUD/USD pair also stages solid rebound from dismal retail sales back losses and sits at fresh three-month tops.

    The improved risk sentiment across the financial markets also seems to underpinning the prices, with the Asian equities finishing the week in the green and the black gold remains higher. Ahead in the day, the Aussie will get heavily impacted by the main risk event for this week, the US non-farm employment change.

    AUD/JPY Technical Levels

    To the upside, the next resistance is located at 84/ 84.11 (round number/ daily R1) and above which it could extend gains to 85.31 (100-DMA). To the downside immediate support might be located 83/82.89 (round number/ 50-DMA) below that at 82.59/51 (Mar 3 Low/ 5-DMA).
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