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AUD/JPY recovery supported at hourly 50 SMA

FXStreet (Guatemala - AUD/JPY is currently trading at 84.05 with a high of 84.67 and a low of 83.57.

AUD/JPY was pushed back from the vicinity of the 200 SMA on the hourly chart and has been testing the 84 handle to the downside while the 50 SMA is now vulnerable for a second time in the course of the minor recovery from below the 83 handle.

The risk sentiment has been mixed this week and is likely to remain so due to the global uncertainties around China and effect it has and will continue to play on world commodity prices and EM's especially. The Yen should continue to garner support and demand in this environment making recoveries in the cross shallow while Australia's growth is hindered by all of the above also.

AUD/JPY case is neutral

Meanwhile the BoJ may be expected to ease this month and a strong dollar will continue to support USD/JPY in familiar ranges while yen short positions are at multi-year lows, so nothing to unwind, all of which support the neutral case for the cross.

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