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AUD/JPY testing grounds of key 99 level

FXStreet (Guatemala) - AUD/JPY is trading at 99.00, up 0.07% on the day, having posted a daily high at 99.12 and low at 98.81.

AUD/JPY is making an attempt on the 99 handle here after losing sight of the 100.00 level on last weeks business. Technically, analysts at TD Securities highlighted that 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. However, fundamentally, the Aussie may be supported on increased liquidity in a market searching for yield while the yen is weighed upon on the BoJ’s recent aggressive stance creating grounds for a lower Yen.

AUD/JPY noteworthy levels

Spot is presently trading at 99.01, and next resistance can be seen at 99.12, 99.40 and psychological 100.00. Next support to the downside can be found at 98.91 (Weekly Classic PP), 98.90 (Hourly 20 EMA), 98.85 (Hourly 100 SMA), 98.81, 98.60 and 98.20.

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