AUD/JPY is probing the 200-day MA hurdle in Asia

• AUD/JPY is struggling to move past the 200-day moving average (MA) of 80.41 in Asia.
• The JPY cross printed 3.5-month highs on Friday on upbeat China data.
• A bullish close above 100-day MA looks likely at sustained risk-on in equities.

AUD/JPY is currently trading at 80.33, having printed a high at the 200-day MA resistance of 80.41.

The Aussie dollar, a proxy for China, picked up a strong bid around 79.50 on Friday after China reported a  14.2 percent rise in dollar-denominated exports in March, topping expectations of a 7.3 percent rise from a year ago.

The dollar-denominated imports, however, dropped 7.6 percent in March, signaling anemic domestic demand. That, however, failed to dent the optimism generated by the above-forecast export figure.

The global stocks rallied with the Dow Jones Industrial Average (DJIA) gaining 1 percent. The resulting broad-based weakness in the anti-risk JPY lifted the AUD/JPY cross to 80.49, the highest since Jan. 1. The break above the 200-day MA, however, was short-lived with the pair ending the week at 80.32.

The crucial MA hurdle could be scaled today if the stocks continue to cheer the upbeat Chinese exports data. That, however, looks unlikely as most analysts have downplayed the better-than-expected China outbound shipments as a sign of a turnaround in the global demand conditions. Further, the S&P 500 futures are currently reporting a 0.10 percent drop.

Technical Levels