AUD/JPY bears in control with 200 1 sma in sights at 78.59

Ross J Burland FXStreet

AUD/JPY is heavily offered from 79.50 making a recent low during the Yuan's fix at 78.81.

AUD/JPY has otherwise been in a bullish trend from 76 lows scored in September and has recently been capped at three-month highs circa the 200 dma at 79.80. Meanwhile, we have the Yen on the back foot currently and the Aussie in a chop as markets discount further RBA cuts and set back bets for a Fed hike until no earlier than December. Meanwhile, we had the BOJ's Governor Kuroda headlines earlier via Reuters, noting that Japan's CPI is likely to be slightly negative or around zero % for the time being.

AUD/JPY levels

AUD/JPY was up to meet the 200 dma at 79.80 scoring a high of 79.50, however supply has smothered the bulls through the 4hr 10 sma at 79.06 and 20 at 78.78 as a strong level of support. The 200 1hr 78.59 is next in view with 78 as the psychological level and previous key support area.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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