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AUD/JPY resumes decline as yen picks-up pace

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 7, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The AUD/JPY cross resumed its downward trajectory in Asia this Thursday, largely driven by the yen rises amid talks of fx market intervention by BOJ.

    AUD/JPY recovers to 83 handle


    The AUD/JPY pair now drops -0.43% to 83.05, recovering slightly from near fresh five-week lows reached at 82.85. The cross in the AUD/JPY fell back in the red, reversing a temporary rise seen in the previous session, as the yen fought back control and now continues to surge against its American counterpart, despite a rebound in the oil prices.

    Over the last hour, the cross is seen making minor recovery attempt on the 83 handle, thanks to the renewed rally in the AUD/USD, as the Aussie continues to track oil prices higher.

    Next on the tap for the cross remains the US jobless claims data, while headlines from Japan official will be closely monitored for any cues on the exchange rate level.

    AUD/JPY Technical Levels

    To the upside, the next resistance is located at 84 (round number) and above which it could extend gains to at 84.64 (Apr 5 high/ 100-DMA).To the downside immediate support might be located 82.81 (1-month low) below that at 82.59/50 (Mar 3 Low/ psychological levels).
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