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AUD/JPY hits fresh multi-week highs beyond 86 handle

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 14, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The AUD/JPY cross surges to the highest levels since Jan 29 in the Asian morning this Monday, extending gains into a fourth consecutive week.

    AUD/JPY aims for 200-DMA at 87.18

    Currently, the AUD/JPY pair trades 0.30% higher at 86.35, hovering close to fresh multi-week highs posted at 86.40 last minutes. The bid tone around AUD/JPY picked up pace in the last hour, after the AUD/USD pair stretched its bullish run and extended further towards 0.7600 levels, tracking the rally in copper prices.

    On the JPY-side of the equation, the USD/JPY pair keeps range below 114 handle and now awaits fresh impetus from the BOJ and Fed policy meeting against the back drop of prevalent risk-on environment. While domestic economic data out of Japan is largely ignored by markets as focus remains on the RBA minutes and BOJ policy decision due tomorrow.

    AUD/JPY Technical Levels

    To the upside, the next resistance is located at 87/ 87.18 (round number/ 200-DMA) and above which it could extend gains to 87.85 (Jan 4 High). To the downside immediate support might be located 86 (round number) below that at 85.16 (100-DMA).
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