AUD/JPY turns positive near 83.25, session tops

Dhwani Mehta FXStreet

The rebound in AUD/JPY is gaining extra traction last hours, as yen loses ground across the board amid a recovery in risk sentiment.

AUD/JPY looking to regain 10-DMA at 83.40

The cross recovered in tandem with the risk sentiment and now gathers pace for further upside, as risk-aversion, fuelled by terror attacks in Manchester overnight, appears to have eased in mid-Asia.

Ongoing recovery mode seen in USD/JPY from below 111 handle helps lift the cross in AUD/JPY beyond 83 handle. Further, renewed gains in the Aussie amid broad based USD weakness also collaborates to the uptick in the cross.

The release of the Budget by the White House earlier today failed to impress the USD bulls, triggering fresh selling pressure behind the buck against its main competitors.

Next of note for the cross remains the US macro updates alongside Fedspeaks due later on Tuesday.

Technical Levels

Higher side: 83.40/46 (10 & 50-DMA), 84.47/50 (Apr 5 high/ psychological levels), 8.98/85 (100-DMA/ round number)

Lower side: 83 (round figure), 82.84 (5-DMA/ daily pivot), 82.53 (May 22 low)

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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