AUD/JPY: Weaker around 83.00, watching Oil ahead of NFP

The cross in the AUD/JPY is moving back and forth in a 10-pips narrow over the last hours, wavering in the lower bound of today’s trade range near 83 handle.

AUD/JPY eyes NFP for fresh impetus

The spot remains heavily offered amid persistent weakness seen in the AUD/USD pair amid tumbling iron-ore and oil prices. Both crude benchmarks have stalled its rebound and trades largely subdued, indicating that risk-off trades may return to markets.

Moreover, cautious remarks on the Australian house prices, as reflected by the RBA’s Statement of Monetary policy (SoMP), continues to weigh down on the Aussie.

Meanwhile, the Japanese currency remains in demand amid increased nervousness, as markets remain on the back foot heading into the US NFP data due later in the session ahead.

Investors resort to safe-havens such as the yen and gold ahead of risk events, which are expected to spur massive volatility across the financial markets.

Technical Levels

Higher side: 83.76/72 (classic R1/ 5-DMA), 84.47/50 (Apr 5 high/ psychological levels), 85 (round number)

Lower side: 82.96 (daily low/ 20-DMA), 82.62 (classic S2/ Fib S3), 81.93 (Apr 21 low)