AUD/JPY – Recovery stalls at weekly 50-MA

Recovery in the AUD/JPY cross from the previous day’s low of 76.79 has stalled around the weekly 50-MA hurdle of 80.90.

Rejected at 81.00

The cross rose to 81.00 for a brief moment in Asia before retreating to 80.60 levels. The Japanese Yen is gaining ground on reports of Anti-Trump protests across Europe.

However, the rally in Iron ore prices could offer help to the Australia dollar.

AUD/JPY Technical Levels

Breach of support at 80.57 (5-DMA) would open doors for a revisit to 80.00 levels, under which losses could be extended to 79.16 (Sep 6 high). On the higher side, break above resistance of 81.06 could yield a revisit to 81.52 (July 15 high) and 81.95 (previous day’s high).