AUDJPY bounced back from support

The recent drop in the stock markets fueled a selloff in the risk-sensitive Australian dollar as well. Investors preferred the Japanese yen in the previous days, which is serving as safe haven asset. The AUDJPY pair hit a support level in the 82.30 -81.80 zone (A), which is converging with the 50 moving average. If the bulls push the course higher, it could test the previous high at 85.43 (B).

Breaking above this point would make the pair trade in multiyear highs. Breaking below support A, the price could test the lower support level in the 81.00 – 80.70 zone (C).