AUD/JPY sees new weekly high in early Wednesday bump

The Aussie caught a brief ride on the Kiwi's business confidence bust-out.
US interest rates are the name of the game this week.

Joshua Gibson FXStreet

The AUD/JPY pair popped to a fresh high for the week and is now trading near 82.15 after NZ business confidence indicators printed at a significant improvement, dragging the Aussie alongside up the charts against the safe-haven Yen.

The Aussie has seen a recovery against the JPY through September despite dipping to a new 2018 low at 78.68, and currently sitting just north of the 82.00 handle.

The AUD is almost completely unrepresented on the economic calendar this week, with the US Fed's upcoming rate hike later today, and broader market sentiment remains firmly in the hands of Greenback traders who are waiting at the sidelines for the latest FOMC rate dot plot.

AUD/JPY levels to watch

The Aussie remains trapped underneath the AUD/JPY's 200-day SMA, which sits out of reach at 83.25, near August's swing highs, and support is looking thin with frequent plunges into the year's lows, and the 50-day EMA currently propping up the Aussie-Yen pair at 81.20.

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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