AUD/JPY making minor recovery to 1hr50 SMA

By FXStreet FXStreet (Guatemala) – AUD/JPY is currently trading at 84.27 with a high of 84.75 and a low of 83.26.

AUD/JPY has been consolidating the daily downtrend and more recently it has tried to recover from the losses post the Nonfarm Payrolls when the Yen garnered strong demand on risk aversion across the board.

The cross fell from the 84.40 region and scored the aforementioned lows before demand took the price back onto the 84 handle to current levels in the most volatile spell since the start of the month.

Nonfarm payrolls rose by 142k, well below expectations for a 200k increase and leaves further doubt that the Fed will move later this month. Analysts at Bank of America Merrill Lynch explained that like the Fed, they expect the RBA will find it a challenge as to when to lift rates from current record lows. “The pace of economic recovery, a housing and property market peak and the political environment will all be considerations. With the RBA firmly on hold and potential recovery in China’s steel demand, we expect a pause in AUD’s downtrend in 4Q.”

AUD/JPY levels

Technically, the price is up to test the hourly MA’s, through the 200 and 20, …read more

Source:: FX Street