AUD/JPY minor recovery lower high

By FXStreet FXStreet (Guatemala) – AUD/JPY is currently trading at 83.96 with a high of 84.47 and a low of 82.99.

In a mixed risk theme, with equities remaining in the red, AUD/JPY has made a minor recovery in light of the strong downtrend from above the 87 handle and found demand on the 83.0 handle. The pair is rebounding as the Aussie garners some traction as the greenback takes a hit on US durable goods disappointing and profit taking after a steady run this week. However, the series of higher highs and lows is slowing up on last hourly stick and could signal a phase consolidation developing.

Markets await Yellen

The durable goods were inline on the headline, but the revisions were worse. The markets are now awaiting Yellen speaking at the end of the US session where she will be scrutinized in respect for timings of a rate hike and whether she agrees with other FOMC members that a rate hike should come this year.

AUD/JPY bearish bias medium term below 85

Technically, AUD/JPY rebounded from the 83 level, but remains with a bearish bias trading below the 50/20 SMA’s on the 4hr chart, despite MACD turning less negative and trading below the …read more

Source:: FX Street