AUD/JPY: rallies to 1hr 50 sma on Yen weakness

AUD/JPY has been capped at 76.51 and in the vicinity of the 100 sma on the 1hr sticks.

The cross is bid on the back of a weaker Yen in Tokyo while the Aussie has stabilized with USD/JPY bid by over 30 pips on the open. The Yen is softer at the start of this week with recent comments from Kuroda keeping expectations of further easing from the BoJ alive when he stated that there was room for rates to move deeper into negative territory.

Analysts at the Bank of Tokyo Mitsubishi explained that they do not expect further easing to be delivered in September, but even if it is delivered they said that they doubt that more of the same easing measures will prove effective at re-weakening the yen on sustainable basis

AUD/JPY levels

Current price is 76.45, with resistance ahead at 76.52 (Daily High), 76.55 (Daily Classic PP), 76.60 (Hourly 100 SMA), 76.71 (Yesterday's High) and 76.75 (Daily Classic R1). Next support to the downside can be found at 76.43 (Hourly 20 EMA), 76.34 (Daily Open), 76.34 (Monthly Low), 76.34 (Weekly Low) and 76.32 (Daily Classic S1).