AUD/JPY: Better bid, but capped below 85 handle

Bid on broad Yen weakness.
Weaker USD underpins.
Upside capped by negative Asian stocks.
Risk-off seeping back?

Dhwani Mehta FXStreet

The AUD/JPY pair extended its recovery mode into a second straight session on Friday, but further upside appears to lack follow-through, as most traders remain on the sidelines, in the wake of Thanksgiving holiday-break.

AUD/JPY: Bears back in control

The cross in AUD/JPY remains on the front foot amid broad-based selling seen in Japanese Yen, as the renewed strength seen in the Treasury yields weigh downs on the safe-haven currency. Meanwhile, markets also ignored upbeat Japanese manufacturing index and BoJ headlines, citing that the BoJ trimmed the bond purchases by JPY 10 billion.

However, the bulls lack the fresh impetus to take on the recovery above 85 handle, as the AUD/USD pair remains on the defensive in absence of fresh catalysts and negative Asian equities, which suggest that the risk-off sentiment could return to the market in the day ahead.

In the day ahead, the pair will get influenced by the sentiment on the global stocks amid a lack of significant fundamental drivers and light trading.

AUD/JPY Technical View

Higher-side: 85.28/33 (Nov 21 & 22 top), 85.50 (psychological levels), 85.96 (200-DMA)

Lower-side: 84.47 (5-month lows), 84.00 (round number), 83.76 (March lows)

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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