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AUD/JPY volatile within range, below 81

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 21, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Mumbai) - The AUD/JPY cross ran through fresh offers on its recovery ahead of 81 handle, with the prices now moving back and forth above 80.10 levels.

    AUD/JPY quickly reverses almost 60-pips

    Currently, the AUD/JPY pair trades -0.21% lower at 80.62, having posted session highs at 81.03 and session lows at 80.10 The AUD/JPY cross witnessed wild swings this Thursday, with the risk sentiment fluctuating along with the moves in the oil, with the cross finally reverting to the red zone amid a renewed bout of risk-aversion hitting the markets over the last hours.

    With the European stocks reversing gains and falling back in negative territory, the yen appears to regain strength against the greenback and thus, drags the cross away from 81 handle. However, the ongoing weakness in AUD/USD on what looks like an extension of yesterday’s market turmoil, offers some support to the Aussie cross.

    AUD/JPY Technical Levels

    To the upside, the next resistance is located at 81.64/82 (daily high/ round number) and above which it could extend gains to 82.83 (Jan 15 High). To the downside immediate support might be located 80.10 (daily low) below that at 79.17 (Jan 20 Low).
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