AUD/JPY finds support at 5-DMA

AUD/JPY cross retreated from the session high of 84.28 on Yen strength but is finding support around the 5-DMA level of 83.97.

Trades around 38.2% Fib retracement level

The pair was last seen trading around 84.05, which is the 38.2% Fib retracement of the decline from Nov 2014 high of 102.844 to June 2016 low of 72.44.

Both Yen and Aussie dollar are trading dead flat against the US dollar. Consequently, the cross has formed a Doji candle on the daily chart. The weekly candle is also a Doji.

Traders await the conclusion of the OPEC meeting. Later in the day, the US personal spending report could influence the FX markets. 

AUD/JPY Technical Levels

A break above the daily high of 84.28 would expose Nov 25 high of 84.62, above which the cross may target 85.72 (weekly 100-MA). On the other hand, a breakdown of support at 83.97 (5-DMA) could yield a sell-off to 83.61 (previous day’s low) and 82.96 (10-DMA).