AUD/JPY - Above 200-day MA & at 3-week highs

AUD in demand on strong Aussie & China data.
AUD/JPY moves above the 200-day MA, tests 86.00 levels.

Omkar Godbole FXStreet Contributor

The AUD/JPY moved above the 200-day MA of 85.89 today, courtesy of a better-than-expected Aussie retail sales data and China services PMI release.

The Australian data released today showed consumption as represented by retail sales rose 0.5 percent in October, beating the estimated rise to 0.3 percent from the previous month's print of 0.0 percent. Also, Australia's current account deficit narrowed to a seasonally adjusted AUD 9.13 billion in the third quarter.

Elsewhere, China’s Caixin November Services PMI came in at 51.9 versus 51.2 last and 51.5 expectations.

As of writing, the cross is trading at 85.93 levels. It clocked a high of 86.00 levels. The cross could rally further if the RBA policy statement carries a hawkish tinge.

AUD/JPY Technical Levels

A move above 86.00 (psychological level) would open up upside towards 86.29 (monthly 100-MA) and 86.70 (monthly 5-MA). On the other hand, a break below 85.67 (4-hour 10-MA) could yield a sell-off to 85.31 (4-hour 100-MA) and 85.00 (psychological level).

	TREND INDEX	OB/OS INDEX	VOLATILY INDEX
15M		Overbought	High
1H	Bullish	Neutral	High
4H	Bullish	Neutral	Expanding
1D	Bearish	Neutral	Low
1W	Bullish	Neutral	Shrinking
Updated Dec 5, 02:00 GMT

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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