- AUD/JPY is struggling to extend gains beyond 84 handle, the pair is hovering around 5-DMA at 83.89.
- Demand for the Yen remains muted, mildly cautious to negative sentiment seen surrounding Asian equity markets on Friday.
- AUD/JPY saw multiple failures at 50-DMA currently at 84.30 which weighs heavily on the upside.
- Technical studies are neutral to mildly bullish. Break above 50-DMA will see further upside in the pair.
Support levels – 84.04 (38.2% Fib of 88.176 to 81.486 fall), 84.30 (50-DMA), 84.83 (50% Fib)
Resistance levels – 83.89 (5-DMA), 83.27 (20-DMA), 83.06 (23.6% Fib)
Recommendation: Watch for break above 50-DMA to go long.
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 142.132 (Bullish), while Hourly JPY Spot Index was at -44.6845 (Neutral) at 0620 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
The material has been provided by InstaForex Company – www.instaforex.com