The cross in the AUD/JPY stalled its retreat from multi-month highs and now hovers in a narrow range above 80 handle, as markets await the European open for fresh cues on the risk sentiment.
AUD/JPY keeps 80 handle
The AUD/JPY pair, currently, trades +0.59% higher at 80.15, easing-off three-month highs reached at 80.29 in early Asia. The AUD/JPY cross pares gains, although remains strongly bid on the back of strong gains seen in the AUD/USD pair, following the release of better-than expected Australian Q3 inflation report.
Meanwhile, the latest leg lower in the cross is largely driven by the USD/JPY pair, as it turned back lower after a retest of daily highs at 104.38. Looking ahead, the cross is likely to get influenced by RO-RO trends in absence of fresh incentives until the NA session. While the US advance GDP and Japanese CPI reports are eagerly awaited for fresh take on the prices.
AUD/JPY Technical Levels
To the upside, the next resistance is located at 80.29 (multi-month highs) and above which it could extend gains to at 80.50 (psychological levels).To the downside immediate support might be located 79.45 (daily low/ 5-DMA) below that at 79.01 (20-DMA).
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