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JPY: Slips After Failed Attack At 50-DMA

AUD

AUD/JPY has backed away from its 50-DMA after failed attempts to pierce that moving average over the last two days. The rate last operates -10 pips at Y80.96 as a mildly cautious feel has crept into G10 FX space.

  • The 50-DMA provides a key technical barrier on the rate's path to full retracement of its Aug 11 - 20 downswing, which coincided with the formation of a death cross.
  • The ensuing rebound was paralleled by the RSI's return above the 30 threshold, which represented a bullish signal.
  • Should the 50-DMA at Y81.23 give way, bulls would be able to take aim at Y81.58, which capped gains on Aug 11.
  • Bears look for a deeper sell-off and a slide through Aug 30 low of Y79.98 would open up Aug 27/25 lows of Y79.42/40.
HomepageBank of Japan (BOJ) Market NewsBulletMarketsForeign Exchange Bullets
HomepageBank of Japan (BOJ) Market NewsBulletMarketsForeign Exchange Bullets

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