AUD/JPY – A shakeout after Breakout

AUD/JPY cross revisited key support (ex resistance) level of 79.00 in Asia after having witnessed a bullish break on Friday, thus hinting at a ‘possible shakeout move’ seen usually after a technical breakout.

The pair had been stuck around 79.00 handle seven straight days before finally blating higher to 79.73 levels on Friday. With bid tone around Yen gathering pace in Asia, the cross revisited 79.00 handles, thus giving bulls a second chance to enter the market.

At the time of writing, the cross was trading around 79.1, which is the monthly pivot resistance. Yellen said on Friday that Fed may allow the economy to run hot, despite which US stocks surrendered gains to end the day on a flat note. The immediate focus is on the Japanese industrial production figures.

AUD/JPY Technical Levels

Acceptance below 79.00 handle could yield a revisit to 10-DMa level of 78.66, under which 100-DMA level of 77.83 stands exposed. On the higher side, breach of 79.52 would open doors for 79.73 (Friday’s high) and 80.19 (200-DMA) levels.

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