The AUD/JPY recovery from near 86.20 levels appears to lack follow-through, with the rates struggling below 86.40 levels as risk-aversion persists at full steam.
AUD/JPY finds buyers near 50-DMA at 87.01
The latest reports of a car crash on two buses in France, spooked markets once again, as they believe it could be another incident of a terror attack, in light of Thursday’s Barcelona ‘Terror Attack’.
Hence, the risk barometer, AUD/JPY failed in its attempt to recover losses, as the safe-haven Yen remains in demand across the board, while the risk currency Aussie keeps losses and hovers near daily tops reached just ahead of 0.79 handle.
The AUD/JPY cross witnessed a minor recovery over the last hours, mainly driven by a rally in copper prices, which offers some respite to the resource-linked AUD. However, risk-off sentiment overshadow any positive news, as risk trends continue to dominate markets amid a lack of fresh fundamental drivers today.
Technical Levels
Higher side: 86.45/50 (10-DMA/ psychological levels), 86.66/67 (5-DMA/ daily pivot), 87 (round number)
Lower side: 85.93 (Aug 18 low), 85.34/26 (200 & 100-DMA), 85 (key support)
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