AUD/JPY making a come back ahead of the pivot

FXStreet (Guatemala) - AUD/JPY us currently trading at 95.32 with a high of 96.37 and a low of 94.26 while down 0.90% on the day.

AUD/JPY is recovering from a drop of over two cents. The Aussie was hit hard overnight on the back of commodities dropping across the metals, and copper being the straw that broke the camels back, falling to a five and half year low.

The Yen, on the other hand, has been favoured on risk aversion and lower equities, especially within the energy sector, and has been taking the dollar for a ride through key supporting areas that is gradually opening up risk to December lows in a correction from 120 territory and that is weighing on the cross.

The cross rallied from 94.34 up to 94.80 resistance and has been a grind to the upside since, taking the 95 handle back on with some resistance for the bears that finally gave way towards the mid pint of the handle. However, there is some way to go yet and the first challenge being the pivot at 95.52 and the EMA50 at 95.87 ahead of strong resistance at SMA 200 96.70 and back in line with the start of the weeks business.