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AUD/JPY: Recovery loses steam, recedes to 83.50

FXStreet (Mumbai) - The cross in the AUD/JPY stalled its recovery from multi-week lows on the upper-bound of 83 barrier as the European markets reverted to the red zone as the minor recovery fizzled out.

AUD/JPY volatile amid risk-off trades

Currently, the AUD/JPY pair trades -0.32% lower at 83.56, wavering around hourly 20-MA. The AUD/JPY cross remains heavy mainly driven by persisting weakness in AUD/USD pair as markets gave away the higher yielding/ riskier currencies in favour of the safe-havens amid rising risk-aversion on falling global equities.

The AUD/JPY cross bottomed out near 82.80 region in late-Asia, and attempted recovery towards 84 handle, only to run through fresh offers at 83.82 and turned lower towards the mid-point of the 83 handle, where it now trades.

In the day ahead, the cross is likely to remain influenced by the risk-off/on sentiment ahead of US consumer confidence report.

AUD/JPY Technical Levels

To the upside, the next resistance is located at 83.83 (Today’s High) levels and above which it could extend gains to 84.15 (hourly 50-MA) levels. To the downside immediate support might be located at 82.82 (Today’s Low) below that at 82.48 (Sept 8 Low) levels.

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