AUD/JPY stages a strong rebound from 10-DMA

Aussie outperformed the Japanese Yen amid the broad based USD rally, thus helping the AUD/JPY cross stage solid rebound from the 10-DMA level of 81.43. 

Trades above confluence of hourly 100-MA & 50-MA

At the time of writing, the cross was seen trading just above the confluence of the hourly 100-MA and the hourly 50-MA at 81.74. The uptick in the AUD/JPY cross, a regional risk barometer, suggests the positive sentiment seen in the Asian equities is likely to be carried over the European markets. 

As of now, the pair looks poised to end the week on a higher note, give it is trading well above the weekly opening price of 79.75. 

AUD/JPY Technical Levels

Acceptance above the confluence of the hourly 100-MA and the hourly 50-MA at 81.74 would open doors for a more sustained rise to 82.00 levels, above which the Wednesday’s high of 82.61 could be put to test. On the other hand, a breakdown of support at 81.48 (Nov 16 low) could yield a sell-off to 81.00 (zero figure), under which the losses could be extended to 80.64 (Nov 1 high).