Bounced off the 100 hour MA/38.2% at the lows today
The AUDJPY moved lower in the Asian session but has gotten on a bounce by comments from AUD influencer Terry McCrann (reporter for the Australian Herald Sun), when he wrote that ‘Despite headlines, a rate cut is not imminent’.
Technically, the pair also was stalling ahead of the 100 hour MA adn 38.2% of the move up from April 10 low at hte 79.90 area.
The buyers against the support target got the benefit of the “lucky” headlines.
The bounce higher has taken the pair back above its 200 day MAa at 80.123 today. The price was above that MA line on Friday, Monday, and again in the earlier Asian session today. Now traders are wondering “Will it stay above the line?”
If so, a run to the highs will be eyed at 80.479.
Here is the look on the 5 minute chart. Once the pair cleared the 100 bar MA (blue line) and then the 200 bar MA (green line), the pair marched higher and higher.
Buyers in control. Stay above the 200 day MA is the best case scenario for the longs now.