- AUD/JPY has backed-off from the one month high of 83.69.
- The pair created a doji candle on Friday, signaling indecision in the marketplace.
- Today’s NY close to set the tone for the next move in the pair.
Currently, the AUD/JPY is trading at 83.45, having clocked a one month high of 83.69 earlier today and could trim gains further, courtesy of dismal China data release.
Focus on today’s NY close
The currency pair created a doji candle on Friday, signaling indecision in the marketplace. However, when viewed against the backdrop of the rally from the June 28 low of 80.69, the doji candle indicates bullish exhaustion.
That said, a close today above Friday’s high of 83.60 would signal a continuation of the rally from the June 28 low of 80.69. On the other hand, a bearish doji reversal would be confirmed if the cross closes below 82.99 today.
AUD/JPY Technical Levels
Resistance: 83.69 (session high), 84.54 (June 7 high), 84.60 (200-day MA).
Support: 83.24 (session low), 82.50 (100-day MA + 10-day MA), 81.94 (20-day MA).
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