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AUD/JPY stages solid comeback from 3-year lows

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 11, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The AUD/JPY cross stages a solid recovery from three-month lows and now bounces-back on the bids, having tested 82 handle over the last hours.

    AUD/JPY sees recovery of more than 100-pips

    Currently, the AUD/JPY pair rises 0.15% to 81.65, having faced rejection at 81.96 levels. The AUD/JPY cross reversed sharp losses seen in early Asia and rebounded higher towards 82 handle, on the back of strong pullback seen in the USD/JPY pair from Aug 2015 low below 117 handle.

    Moreover, markets appear to have priced-in renewed sell-off in the Chinese equities this Monday and hence, AUD/JPY extended recovery from the lowest levels since Oct 2012, despite negative China open and also amid persisting risk-off moods.

    Meanwhile, the broader market sentiment will continue to dominate across the FX board amid a data-light economic calendar today.

    AUD/JPY Technical Levels

    To the upside, the next resistance is located at 81.96/82 (Daily High/ round number) and above which it could extend gains to 82.61 (1h 50-SMA). To the downside immediate support might be located 80.90/84 (Daily Low/ S1) below that at 79.50 (Oct 2012 Level).
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