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AUD/JPY: Bears back in charge, testing multi-week lows

FXStreet (Mumbai) - The rebound in AUD/JPY fizzled near Thursday's highs and subsequently the cross drifted lower towards three-week lows.

AUD/JPY back below 86 barrier

Currently, the AUD/JPY pair drops -0.15% to fresh session lows at 85.51, poised to test fresh multi-week lows reached at 85.46 on Thursday. The cross in the AUD/JPY ran through fresh offers in last hours as the Japanese yen extended gains versus the US dollar and heads towards daily highs.

The yen remains supported across the board on the back of BOJ’s steady policy stance while BOJ’s Kuroda maintained the rhetoric of inflation reaching its target in 2016 and sounded upbeat on the economic recovery with wage growth picking-up pace.

On the other hand, the downside remains capped by the solid gains in the AUD/USD pair amid a broadly weaker USD. Meanwhile, fresh cues on the cross will be received from crucial economic data from the US lined up for release later today.

AUD/JPY Technical Levels

To the upside, the next resistance is located at 86 (psychological levels) and above which it could extend gains to 86.27/28 (Oct 29 & Today’s High). To the downside immediate support might be located 85.46 (Oct 29 Low) below that at 85.11/85 (Oct 6 low + round number).

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