AUD/JPY slightly bid in Tokyo but far from neutral

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 19, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Guatemala) - AUD/JPY is catching a slight bid in Tokyo today while markets get set for the China data. China have already field the Yuan rate neutral yet again at 6.5590 mid point, and this offers some aid to risk.

    The Aussie has come under immense pressure at the start of the year and anything positive should help the cross to continue to recover. Watch out for China industrial production as the most likely variable to cause a scene for the day ahead.

    AUD/JPY levels

    Technically, AUD/JPY was punished to levels not seen since October 2012 when the 200 week sma supporting the recovery from 74.45. The price has lost its footing from above 100 on the wide as far out as November 2014 and has shaped a defined bearish trend that just recently broke the 200 week sma that stands at 82.34 currently. A recovery back to the 50 sma is required on the 4hr chart if the cross is going to sustain a recovery into neutral and a phase of consolidation at least.
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