AUD/JPY - 200-day MA is a tough nut to crack
|- 200-day MA is capping the upside for the second day.
- Big beat on Aussie consumer confidence isn't helping the AUD either.
AUD/JPY is trading on the front foot, although the bid tone is once again not strong enough to topple the 200-day MA of 85.85 levels.
Yesterday's move above the moving average was short-lived as well. Also, it worked as a strong resistance on Dec. 4 and Dec. 5.
Earlier today, the Westpac consumer confidence data printed at 3.6% vs. -1.7% previous. Still, the moving average resistance holds. As of writing, the pair is trading at 85.84 levels. Ahead in the day, the 200-day MA hurdle could fall if the equities remain well bid. Further, the Yen may drop if the US CPI betters estimates.
AUD/JPY Technical Levels
A close above 85.85 (200-day MA) would open doors for a rally to 86.69 (Oct. 31 low) and 87.12 (100-day MA). On the other hand, a breach of support at 85.36 (10-day MA) could yield 85.00 (zero levels). A violation there would expose 84.67 (Dec. 7 low).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.