FXStreet (Mumbai) – The AUD/JPY cross stages a solid recovery from three-month lows and now bounces-back on the bids, having tested 82 handle over the last hours.
AUD/JPY sees recovery of more than 100-pips
Currently, the AUD/JPY pair rises 0.15% to 81.65, having faced rejection at 81.96 levels. The AUD/JPY cross reversed sharp losses seen in early Asia and rebounded higher towards 82 handle, on the back of strong pullback seen in the USD/JPY pair from Aug 2015 low below 117 handle.
Moreover, markets appear to have priced-in renewed sell-off in the Chinese equities this Monday and hence, AUD/JPY extended recovery from the lowest levels since Oct 2012, despite negative China open and also amid persisting risk-off moods.
Meanwhile, the broader market sentiment will continue to dominate across the FX board amid a data-light economic calendar today.
AUD/JPY Technical Levels
To the upside, the next resistance is located at 81.96/82 (Daily High/ round number) and above which it could extend gains to 82.61 (1h 50-SMA). To the downside immediate support might be located 80.90/84 (Daily Low/ S1) below that at 79.50 (Oct 2012 Level).
(Market News Provided by FXstreet)