The AUD/JPY cross reverses a dip to daily lows and now takes on the recovery above 83 handle, amid a renewed bid-wave caught by the Aussie, as markets continue to digest strong business confidence data out of Australia.

However, the bulls are seen finding it difficult to hold above 83 levels, as the yen remains in demand against its American counterpart amid a slight risk-off tone seen in the markets. Losses on the Japanese indices coupled with weaker treasury yields collaborate to the bearish momentum seen behind USD/JPY.

The spot now looks forward to the sentiment on the European equities for fresh take on the risk sentiment, as the US economic calendar remains light today.

The pair is trading at 82.864, down -0.43%, having posted a daily high at 83.259 and low at 82.862.

Technical Levels
Higher side: 83.33 (5-DMA/ daily pivot), 83.80/85 (Fib R2/ 10-DMA), 84/84.09 (round number/ Fib R3)
Lower side: 82.83 (200-DMA), 82.57 (Classic S2/ Fib S3), 82.00 (zero figure)

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