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JPY: Descends Toward 50-DMA

AUD

AUD/JPY has faltered, approaching support from its 50-DMA. The rate last sits at Y83.26, 30 pips worse off on the day. Headline flow has been fairly thin, but softer equity markets may have applied some pressure to the pair, while a BBG trader source flagged AUD/JPY sales by Japanese exporters.

  • A break below the 50-DMA at Y83.04 would bring Mar 24 low of Y82.29 into play. Further losses past Feb 26 low of Y81.99 would confirm the formation of a head and shoulders pattern. Conversely, should bulls manage to force a breach of Apr 6 high of Y84.46, they could take aim at Mar 18 cycle high of Y85.45.
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