AUD/JPY attempts recovery above 77.50 on Japan GDP miss

The cross in the AUD/JPY is seen extending its recovery above 77.50 handle, after the yen came under fresh selling pressure across the board on below estimates Japanese GDP report.

AUD/JPY eyes key resistance ahead of 77.80

The AUD/JPY pair now advances +0.18% to 77.56, having posted fresh session highs at 77.65 last hour. The cross in the AUD/JPY consolidates the recovery mode witnessed since Friday’s US session and now manages to hold above the mid-point of 77 handle, with the bulls finding some support from a big miss on the Japanese GDP figures. Japan's preliminary real Q2 2016 GDP data came at 0% q/q vs 0.2% expected based on Reuters poll.

Moreover, renewed buying interest seen around the AUD/USD pair also provides impetus to the AUD/JPY cross. Meanwhile, amid a holiday-thinned session today, focus shifts towards the RBA minutes release and a fresh batch of US macro data due tomorrow.

AUD/JPY Technical Levels

To the upside, the next resistance is located at 78.82/87 (5 & 50-DMA) and above which it could extend gains to at 79.01 (100-DMA).To the downside immediate support might be located 77.28 (Aug 12 low) below that at 77.06 (Aug 5 low).