AUD/JPY: A week hovering around 87.00

By FXStreet FXStreet (Córdoba) – AUD/JPY is about to post the fifth consecutive daily close slightly below the 87.00 area. The pair continues to consolidate around the 20-day MA that stands at 86.70.

Consolidating with a minor bearish bias

The pair bottomed last month at 85.30 and then started to move to the upside and peaked at 87.58 (Nov 4 high) but it failed to hold above 87.00. It traded above the mentioned level several days and even today, but since late October it had been unable to post a daily close above 87.00.

AUD/JPY technical levels

Currently the pair is trading at 86.75 around the same level it closed last week. The downside remains limited by the 86.30/40 area, below the next support level might lie at 86.00 (psychological level) and 85.40 (Oct 30 low). On the opposite direction resistance might be located at 86.95 (hourly 20-SMA) and 87.40 (downtrend line from Oct highs).
For more information, read our latest forex news. …read more

Source:: FX Street