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AUD/JPY offered at hourly 100-SMA, wavers around 87

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 15, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The cross in the AUD/JPY halted its recovery mode and met fresh supply at the hourly 100-SMA located at 87.50 and witnessed a 50 pips sell-off thereon.

    AUD/JPY hovers around the daily pivot

    Currently, the AUD/JPY pair trades 0.27% higher at 87, failing to resist the hourly 10-SMA support located at 87.08. The AUD/JPY cross trimmed gains, although remains well bid mainly driven by the strength in the AUD/USD pair. While the yen remains largely muted versus its American counterpart.

    The Aussie remains supported on the back of upbeat Aus fundamentals and rising gold prices. The unemployment rate held steady at 6.2% last month owing to the decline in the participation rate from 65% to 64.9%. While the consumer prices in Australia are predicted to jump 3.5% y/y on year in October, sharply higher from 3.2% in September.

    In the day ahead, the cross could track the broader market sentiment while the upcoming US CPI and Philly Fed manufacturing index will also provide further momentum.

    AUD/JPY Technical Levels

    To the upside, the next resistance is located at 87.50/51 (Today’s High & hourly 100-SMA) levels and above which it could extend gains to 88 (round number). To the downside immediate support might be located at 86.05 (Oct 14 Low) below that at 85.75 (50-DMA) levels.
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