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AUD/JPY chart on Trading View used for analysis
- AUD/JPY trades 0.59% higher on the day at 82.155 at the time of writing.
- The yen loosing safe haven appeal amid risk-on. Also, positive market sentiment boosting demand for the Antipodeans.
- Price action has retraced dip below 200-DMA and is on track to test 82.58 (converged 38.2% Fib and 55W EMA).
- Break above could propel the pair higher. Next major resistance is seen at 83 (Nov 8 high).
- The pair finds strong support at 21-EMA and we see weakness only on break below.
- Focus now on Australia Capex data along with U.S. housing market data for October.
Support levels - 81.90 (200-DMA), 81.67 (21-EMA), 81.27 (55-EMA)
Resistance levels - 82.58 (converged 38.2% Fib and 55W EMA), 83.05 (Nov 8 high), 83.82 (50% Fib)
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
