AUDJPY looking for a rebound into 98.00


The AUDJPY snuck over the 97.50 level just ahead of the Friday closing bell, trying to claw back some of the midweek's losses after the pair tumbled from a Wednesday peak of 98.66.

The AUD/JPY closed out the trading week with some gains, up nearly 1.2% from Monday's opening bids near 96.40, but the back half of the week was marred by a 1.75% decline that only saw a minor paring back in late Friday trading.

With the Aussie (AUD) bouncing off a technical confluence of the 200-hour Simple Moving Average (SMA) and a rising trendline drawn from late October's swing low into 94.25, the pair is set for a bullish continuation as long as broad-market fundamentals keep risk appetite on the high side.

Daily candlesticks are flashing warning signs that the current bullish push could be running out of gas.

The AUD/JPY is at risk of getting pulled back towards the 50-day SMA near 95.50, and long-term technical support is far below current price action at the 200-day SMA rising from 93.00.

November's rise out of October's consolidation phase could face a near-term bearish breakdown, with the last swing low into the 96.00 handle acting as the immediate support level for bears to beat.

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