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AUD/JPY unable to break the 88.00 barrier

FXStreet (Córdoba) - AUD/JPY is falling modestly today after rising during the previous four days. The pair lost strength when it approached the 88.00 area and the 100-day MA that currently stands at 87.95.

At the moment it trades at 87.55 and still holds a bullish tone despite today’s decline; but in order to open the doors from more gains its needs to break and consolidate on top of 88.00. The mentioned area is also where the weekly 20-MA stands. It has been limited the upside since mid-October.

AUD/JPY consolidation

On a wider perspective the pair continues to consolidate after bottoming during the third quarter at 81.80. From there rebounded and peaked at 88.50 last month. Since then it has been moving sideways. The rally of USD/JPY limited the decline in the AUD/JPY. Corrections from levels near 88.00 found support above 85.00.

A key support is the uptrend line that currently stands at 86.50; a break lower would open the doors for further declines.

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