The AUD/JPY cross drops to its lowest level since early October during the Asian session on Tuesday, albeit it finds decent support and rebounds around 75-80 pips from the vicinity of the 99.00 round figure.
AUD/JPY finds some support near the 99.00 mark and rebounds from a near two-month low. The technical setup favors bearish traders and supports prospects for further depreciation. A sustained strength beyond the 101.00 mark might negate the near-term negative outlook. Spot prices, however, remain below the 100.00 psychological mark and seem vulnerable amid US- China trade war concerns.
00 mark is likely to confront some resistance near the Asian session high, around the 100.25-100.30 region, ahead of the 100.55-100.60 horizontal barrier. This is followed by the overnight swing high, around the 101.00 round figure, which if cleared could lift the AUD/JPY cross to the 101.55 intermediate resistance en route to the 102.00 mark. The momentum could eventually lift spot prices back towards the 102.30-102.40 region, or the highest level since July 24 touched earlier this month.
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