Having witnessed a sharp sell-off at Tokyo-open, the AUD/JPY cross takes on a gradual recovery back towards 5-DMA barrier located at 86.31.
AUD/JPY: Risk-on back in vogue?
The AUD/JPY pair drops -0.17% to 86.27, reversing from session lows struck at 86.09 in early Asia. A recovery in risk sentiment across the board lifts the USD/JPY pair back above 112.50 level, in turn aiding the recovery in the cross. The US treasury yields are seen paring losses, while the Japanese equities have regained the bids.
However, the recovery may lack follow-through amid losses in AUD/USD, in light of the Australian retail sales miss as well as disappointing China services PMI. AUD/USD: Downside opening up towards 0.7600?
Higher side: 86.41 (daily pivot), 87 (round figure)
Lower side: 86.12/09 (20-DMA/ daily low), 85.60 (50-DMA)
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