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AUD/JPY off weekly highs, stays above 87

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 4, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Mumbai) - AUD/JPY halted its recent run of gains and retreated slightly from weekly highly in the early European morning, as the yen bulls jumped back in the game across the board.

    AUD/JPY holds well above daily pivot

    Currently, the AUD/JPY pair rises 0.30% to 87.25, fading a spike to fresh weekly highs reached at 87.59 in mid-Asia. The cross in the AUD/JPY stalled its five-day rally and eased this session as the yen erased losses versus the US dollar and jumped back on the bids ahead of the European open.

    However, the cross remains supported on the back of persistent strength seen in the AUD/USD pair, as bulls continue to cheer the upbeat Australian trade and retail sales data. In addition, the Chinese services sector data also lifted investors’ moods.

    Australia's trade gap shrank by more than markets expected in September. The deficit narrowed from $2.71 billion in August to $2.32 billion in September. While retail sales figures rose 0.4% m/m in September, matching estimates.

    In the session ahead, the cross will take cues from the sentiment on the European stocks and a host of US data for further momentum.

    AUD/JPY Technical Levels

    To the upside, the next resistance is located at 87.59 (Today’s High) and above which it could extend gains to 87.75 (100-DMA). To the downside immediate support might be located 87.07/00 (1h 20-SMA/ round number number) below that at 86.79/76 (daily pivot/ 20-DMA).
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