AUD/JPY tests 97 handle on its way hourly 200-SMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 20, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Mumbai) - The AUD/JPY cross extends higher in the European morning, having formed a doji on daily sticks on Monday, as Aussie bulls are in total control on the back of upbeat RBA minutes and higher oil prices.

    Hourly 200-SMA located at 97.11 – In focus

    Currently, the AUD/JPY pair rises 0.33% to 86.90, retreating from 86.96 fresh session highs. The AUD/JPY cross keeps pushing higher largely on the back of a solid rebound in the Australian dollar versus its US counterpart while a minor recovery in oil prices also underpins. At the moment, AUD/USD gains 0.38% to trade around 0.7275.

    The Aussie rallied after the RBA minutes stated that the AUD level is supportive of the current economic re-balancing while also noted that the steady policy approach is appropriate.

    On the JPY-side of the story, the yen remains modestly flat against the greenback near 119.50 levels, awaiting fresh economic data and Fed speaks due later today for further drive.

    AUD/JPY Technical Levels

    To the upside, the next resistance is located at 87.11/24 (h1 200-SMA + Oct 19 High) levels and above which it could extend gains to 88 (round number). To the downside immediate support might be located at 86.73/71 (h1 20-SMA + daily pivot) below that at 86.10 (20-DMA) levels.
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