AUD/JPY rebounds above 110.50, but key resistance caps gains
The Australian dollar rebounded above 110.50 versus the yen during early European trade, halting a six-day slide. Upside remains limited by key technical resistance.
AUDJPY
The AUD/JPY cross moved higher to around 110.70 during early European hours, ending a six-day losing streak. The recovery lifted the pair back above the 110.50 level.
Despite the bounce, the advance remains capped by a key resistance barrier nearby. The broader trend has been under pressure, and this push may face selling interest unless a clear break above resistance materializes.
The pair’s next directional move will likely hinge on whether bulls can sustain momentum above the immediate hurdle, or if sellers re-emerge to resume the prior decline.
Source: FXStreet Forex News