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AUD/JPY rebounds from monthly lows, eyes 50-DMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 14, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The cross in the AUD/JPY stages a solid comeback this session and recovers sharply from one-month lows mainly driven by broad yen weakness while a stronger AUD/USD also supports.

    AUD/JPY regains 87 handle

    Currently, the AUD/JPY pair rises 0.57% to 87.44, testing fresh two-day highs reached at 87.46 in last hours. The AUD/JPY found renewed bids near 86.50 levels and rebounded higher as the USD/JPY pair caught a fresh bid tone beyond 121 handle.

    Moreover, the AUD/USD pair reversed early losses and embarked upon a strong recovery mode from heavy losses seen last week, thus, adding to the upbeat momentum in AUD/JPY.

    In the day ahead, the cross is likely to remain underpinned amid improving appetite for higher yielding currencies and equities. While on the data-space, there is nothing relevant on the cards today.

    AUD/JPY Technical Levels

    To the upside, the next resistance is located at 87.72 (50-SMA) and above which it could extend gains to 88.65/66 (10-DMA/ Dec 11 High). To the downside immediate support might be located 87.08 (1h 20-SMA) below that at 86.70 (100-DMA).
    For more information, read our latest forex news.
     

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