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AUD/JPY off highs, supported at hourly 100-SMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 19, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The AUD/JPY cross received double booster shots from both AUD as well as the yen following the release of the Chinese GDP number, which surprised markets to the upside.

    AUD/JPY capped below 10-DMA

    Currently, the AUD/JPY pair rises 0.14% at 86.96, fading a spike to 87.14 fresh session highs. The AUD/JPY cross staged a solid comeback from near 86.25 region and rallied nearly 90 pips in a knee-jerk reaction to the beating forecasts Chinese GDP data, only to ease a bit now and cling onto the hourly 100-DMA support located at 86.90.

    China's economy grew 6.9% in the September quarter, coming in slightly higher than the market forecast of a 6.8% expansion.

    The upbeat China growth numbers spurred a 45-pips rally in the AUD/USD pair towards 0.73 handle while the dollar-yen pair jumped back on the bids to trade around 119.50, amid an improving risk-sentiment on Chinese macro news.

    Looking ahead, markets will continue to assess the Chinese GDP and industrial production data while tracking the broader market sentiment amid a data-thin trading session ahead.

    AUD/JPY Technical Levels

    To the upside, the next resistance is located at 87.14/25 (Today’s High & 10-DMA) levels and above which it could extend gains to 88 (round number). To the downside immediate support might be located at 86.28/24 (Today’s Low & Oct 15 Low) below that at 85.54 (50-DMA) levels.
    For more information, read our latest forex news.
     

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