AUD/JPY looks for support

Note: This section contains information in English only.
Source: Dukascopy Bank SA


On November 2, the AUD dropped against the Japanese Yen, as the rate's attempts to pass the recently booked 2021 high level were ended by the Reserve Bank of Australia. Namely, the central bank made a Rate Statement, which beat down the value of the Australian Dollar. On the AUD/JPY this resulted in the passing of the support of the 50-period simple moving average and a decline to the 84.30/84.65 support zone.

In the case that the rate passes below the 84.30/84.65 support zone, it could decline to the 83.00 level and the support zone above it. The 83.00 mark provided support on October 12 and 13. In addition, note that the 200-period SMA would most likely reach the 83.00 by the time a potential decline reaches this level.

However, a recovery from the 84.30/84.65 zone would first face the resistance of the 50-period SMA near 85.40. Above the SMA, the rate could once again test the resistance of the 2021 high level zone at 86.06/86.25.
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