AUD/JPY: Bears Relentless, Heads Towards 79 Handle
The AUD/JPY cross remain heavily offered in the European trades, now attempting a tepid-bounce towards the mid-point of 79 handle.
AUD/JPY testing support near 80.20
The AUD/JPY pair now drops -0.64% to 79.45, having posted fresh session
lows at 79.31 last hour. The cross in the AUD/JPY pair is seen making
minor recovery attempts, although remains deep in the red, mainly driven
by heavy selling seen in the AUD/USD pair after disappointing wage
price index from Australia disappointed markets, while a broadly higher
USD also weighed down on the Aussie.
While a better tone seen in the USD/JPY pair keeps the downside in check
and now lends support to the recovery in the cross. Next on focus for
the cross remains the Fed minutes due later today, while tomorrow’s Aus
employment data will also remain in spotlight for further moves on the
AUD.
AUD/JPY Technical Levels
To the upside, the next resistance is located at 79.84/ 80 (Daily high/
round number) and above which it could extend gains to at 80.49/53
(daily R1/ 20-DMA). To the downside immediate support might be located
79 (round figure) below that at 78.14 (multi-week low).
