AUD/JPY regains poise as S&P 500 futures rise

• S&P 500 futures rise, help AUD/JPY revisit 83.00. 
• Needs a convincing break above the descending 50-day MA hurdle. 

The AUD/JPY is flashing green in Asia, tracking the uptick in the S&P 500 futures.

As of writing, the pair is trading at 83.00 - up 0.20 percent on the day. Meanwhile, the S&P 500 futures are reporting 0.30 percent gains.

The currency pair fell from 83.28 to 82.67 yesterday as the risky assets came under pressure following President Trump's tweet about a potential missile attack against Syria in response to a chemical weapons attack. Also, Trump blasted Moscow for standing by Syrian President Bashar Assad. In response, Russia has reportedly put the probability of war with the US at 80 percent.

However, the positive action in the S&P 500 futures seems to have put a bid under AUD/JPY -  a risk barometer. The currency pair will likely revisit the previous day's high of 83.28 if the equities remain well better bid.

AUD/JPY Technical Levels

A close above 83.21 (descending 50-day MA) could yield a sustained rally to 84.53 (March 13 high) and 84.78 (50 percent Fibonacci retracement of Jan. 23 high - Mar. 23 low). On the downside, break below 82.63 (5-day MA) could yield a pullback to 82.26 (10-day MA) and 81.95 (21-day MA).