AUD/JPY fails above 78 once again on RBA’s Stevens

The cross in the AUD/JPY stalled its recovery once again just above 0.78 handle, after the bears remained in control after RBA Governor Stevens failed to offer any surprises in his speech delivered today.

AUD/JPY hovers above 50-DMA at 77.85

The AUD/JPY pair now drops -0.26% to 77.95, attempting recovery from ahead of 50-DMA support. The cross in the AUD/JPY remains deep in the red, with the Aussie largely unperturbed by the comments from RBA Governor Stevens at his speech in Sydney.

The central bank Chief said nothing surprising as he highlighted the need for structural reforms and household debt burden, as monetary policy alone cannot spur economic growth.

While heavy selling in the USD/JPY pair amid broad USD weakness and upbeat Japanese data, also adds to the selling pressure seen behind the AUD/JPY cross. Looking ahead, markets await the US economic data for further momentum on the cross.

AUD/JPY Technical Levels

To the upside, the next resistance is located at 78.30 (20-DMA) and above which it could extend gains to at 79.29 (100-DMA).To the downside immediate support might be located 77.85 (50-DMA) below that at 77.54 (10-DMA).