19 Jul 2018
AUD/JPY Technical Analysis: bumping back into 83.50 as the Aussie recovers
- The Aussie surged against the safe-haven Yen late Wednesday as broader markets saw a recovery in risk appetite.
- The AUD, heavily tied to metals prices, is seeing support from commodities as markets adjust to the hawkish outlook provided by the US' Fed head Powell.
- The AUD/JPY is approaching a common consolidation point on the Daily candles, traders should be on the lookout for a rollover into a new leg lower.
AUD/JPY Chart, 15-Minute
| Spot rate: | 83.50 |
| Relative change: | 0.06% |
| High: | 83.50 |
| Low: | 83.37 |
| Trend: | Bullish |
| Support 1: | 83.37 (current day low) |
| Support 2: | 83.10 (61.8% Fibo retracement level) |
| Support 3: | 82.83 (previous day low) |
| Resistance 1: | 83.54 (previous day high) |
| Resistance 2: | 83.67 (current week high) |
| Resistance 3: | 83.98 (June 13th swing high) |