AUD/JPY Off highs, Flirts with 200-DMA
The bid tone surrounding the AUD/JPY cross weakened a bit in the European session, dragging the prices slightly lower from daily tops.
AUD/JPY trims gains on Aussie retreat
The
AUD/JPY pair now trades 0.09% to 85.70, flirting with 200-DMA located
at 85.74. The cross remains better bid this session as the upbeat
momentum surrounding the AUD/USD pair overshadows the gains in the
Japanese yen versus its American counterpart.
Moreover, the gains
remain restricted as markets turn cautious ahead of the key risk event –
the ECB policy decision, due later this session. Meanwhile, the US
economic data will be also closely watched for further direction on the
cross.
AUD/JPY Technical Levels
To the
upside, the next resistance is located at 86 (round number) and above
which it could extend gains to at 86.67/74 (Mar 30 & 31 High).To the
downside immediate support might be located 84.73/64 (5-DMA/ 1h
100-SMA) below that at 84.08/04 (50 & 20-DMA).
