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AUD/JPY: near term upside bias above pivot

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    AUD/JPY has penetrated the 85 handle to the upside and hunting down territory through 85.20 resistance currently in this trade with only a handful at desks during the long weekend Easter break.

    Tokyo is a drift lower in the Yen to start the week and exposes the upside in the cross without fundamentals on the calendar today or much to go from as the week unfolds. However, the US economy will be under scrutiny again, following last week's mixed data that finished on a surprise upside result in the US Q4 annualized GDP. Along with PCE tomorrow, manufacturing and nonfarm payrolls ending the week, Chinese manufacturing data will be in the cards for Aussie traders.

    AUD/JPY levels

    AUD/JPY has been confined to narrower ranges of late, between 84.00 and 86.38 March 13th high. The recent bid garners support from the 100 dma at 85.00 today while trading with a bullish short-term bias above the pivot of 84.96. R2 is located at 0.8529 and R3 is located at 85.51. To the downside, S1 is at 84.55 while S2 is located at 84.33.
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