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AUD/JPY needs to prove up against the bears

FXStreet (Guatemala) - AUD/JPY is trading at 98.94 having posted a daily high at 99.32 and low at 98.49.

Fundamentally, AUD/JPY is bid and a case is building to support the Aussie in respect of liquidity in the markets and a risk apatite. However, as analysts at TD Securities note from a technical standpoint made an attempt to push on to the 100 area that we looked for last week but the stall in the rally that we highlighted as a risk (especially in the absence of a stronger and more supportive alignment of trend momentum oscillators across the longer-term timeframes) may be developing more strongly now.

“A bearish key reversal session formed mid-week and, unless the AUD can quickly regain the initiative and push to new highs, the prospect of a mild, corrective decline (97.58 is steep trend support currently) will strengthen”.

AUD/JPY noteworthy levels

Current price is 98.94, with resistance ahead at 98.99 (Daily Classic R1), 99.32, (Annual High), 100.00 and 100.20. Next support to the downside can be found at 98.86 (Hourly 100 SMA), 98.85 (Hourly 20 EMA), 98.63 (Daily Open), 98.50 and 98.10.

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