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AUD/JPY strong recovery ahead of Fed decision

FXStreet (Guatemala) - AUD/JPY is currently trading at 86.55 with a high of 86.95 and a low of 86.44.

AUD/JPY has been recovering from the lows of Junes downside trend that commenced above 96.00 and took the cross down to the lows of 82.11. The minor recovery happening has penetrated the 20 DMA on the dialy sticks this week at 85.30 and has found good traction on that until meeting supply today at aforementioned highs.

The risk environment has been positive of late and this has been weighing on the Yen. The S&P rating agency that downgraded Japan's rating to A+ from AA- on economic growth and the increasing government debt.

AUD/JPY recovering leading into Fed decision

The FOMC meeting commenced overnight and the subsequent interest rate decision comes tomorrow from the Fed and this will be the next big event for the cross as bulls target 87.18 and 87.60, supported on the 20 DMA that guards aforementioned daily lows.

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