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AUD/JPY finds buyers ahead of key 50% fib

FXStreet (Bali) - AUD/JPY found solid bids at the retest of its old multi-month range breakout point circa 96.40/50, with the rate bouncing as high as 96.90 before consolidating.

The resurgence of bargain hunters in AUD/USD, which had accumulated 5 consecutive days of steep losses, together with the consolidation near a 6-year high in USD/JPY, yielded good results for those bottom pickers in AUD/JPY.

Technically, the pair stalled its slide just ahead of the 50% fib retracement from the 94.00-98.60 run. For bulls to regain the dominance in prices, a daily close above the 20-day EMA at 97.30 would be a start, with a re-take of 97.60 the next hurdle to overcome before the bull trend potentially resumes again towards 98.60 and beyond. On the downside, keeping prices above 96.25/30 (50% key fib) is crucial or else risk of deeper pullbacks towards 96.00 ahead of 95.75 (61.8% fib) increases.

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