- AUD/JPY edges higher on Thursday following the previous day’s upside momentum.
- The pair remains under buying pressure since October 1.
- Momentum oscillator holds onto the overbought zone with upside momentum.
AUD/JPY trades lower in the Asian trading hours on Wednesday morning. The pair continued to rise in the October series, after opening at 80.43 . As of writing, AUD/JPY trades at 86,00, up 0.15% for the day.
AUD/JPY daily chart
-637703742718548286.png)
Technically speaking, after rising from the low of 78.85 made one month ago, the pair put paddle on accelerator and tested the yearly high at 86.02 in intraday session. The bullish bias Moving Average Convergence Divergence (MACD) indicator fuels the probability of the next higher price movement toward the February, 2018 high at 88.12.
Alternatively, if price reverses direction on profit booking it could retarced back to the 85.50 horizontal support level. Further, a break of the mentioned level, which coincides with the break of the ascending trendline from the low of 78.85 would mean more pain for the pair. The AUD/JPY bears would recapture the psychological 85.00 mark followed by Tuesday's low of 84.66.
AUD/JPY additional levels
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended content
Editors’ Picks
EUR/USD retreats below 1.0700 after US GDP data
EUR/USD came under modest bearish pressure and retreated below 1.0700. Although the US data showed that the economy grew at a softer pace than expected in Q1, strong inflation-related details provided a boost to the USD.
GBP/USD declines below 1.2500 as USD rebounds
GBP/USD declined below 1.2500 and erased the majority of its daily gains with the immediate reaction to the US GDP report. The US economy expanded at a softer pace than expected in Q1 but the price deflator jumped to 3.4% from 1.8%.
Gold drops below $2,320 as US yields shoot higher
Gold lost its traction and turned negative on the day below $2,320 in the American session on Thursday. The benchmark 10-year US Treasury bond yield is up more than 1% on the day above 4.7% after US GDP report, weighing on XAU/USD.
XRP extends its decline, crypto experts comment on Ripple stablecoin and benefits for XRP Ledger
Ripple extends decline to $0.52 on Thursday, wipes out weekly gains. Crypto expert asks Ripple CTO how the stablecoin will benefit the XRP Ledger and native token XRP.
After the US close, it’s the Tokyo CPI
After the US close, it’s the Tokyo CPI, a reliable indicator of the national number and then the BoJ policy announcement. Tokyo CPI ex food and energy in Japan was a rise to 2.90% in March from 2.50%.