Market news

11 October 2021

AUD/JPY Price Analysis: Rallies hard to recapture 200-DMA and beyond

  • AUD/JPY hits three-month highs just shy of the 83 threshold.
  • Soaring energy prices and yields differential boost AUD/JPY.
  • AUD/JPY storms through the critical 200-DMA in a three-day uptrend.

AUD/JPY has kicked off a new week with a bang, closing in on the $83 mark, up over two big figures so far.

The widening US-Japanese yields differentials continue to benefit USD/JPY, in turn, boding well for the cross. Meanwhile, surging natural gas prices lifts the sentiment around the aussie dollar, despite the risk-off trading in the European equities.

At the time of writing, AUD/JPY is trading at 82.82, up 1.04% on the day, looking for a sustained move above the 83.00 mark.

Technically, the cross has recaptured the critical horizontal 200-Daily Moving Average (DMA) at 82.35, having found a strong foothold above the downward-sloping 100-DMA at 81.82.

The 14-day Relative Strength Index (RSI) is sitting just beneath the overbought territory, allowing room for more upside.

Acceptance above the 83.00 level could call for a test of the July tops at 84.19.

AUD/JPY: Daily chart

On the flip side, the buyers remain cheerful so long as the 100-DMA resistance-turned-support holds.

A break below the last could trigger a sharp sell-off towards the 80.00 psychological level.

AUD/JPY: Additional levels to consider

 

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Material posted here is solely for information purposes and reliance on this may lead to losses. Past performances are not a reliable indicator of future results. Please read our full disclaimer.

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