AUD/JPY Firmer, Pierces Through 82.50 Resistance
The AUD/JPY cross
remains strongly bid in the Asian trades, mainly driven by renewed
strength in the AUD/USD pair after OZ business conditions hit 2008 highs
last month.
AUD/JPY at four-day high
The
AUD/JPY pair now jumps +0.70% to 82.58, hovering close to fresh
four-day high reached at 82.63 last minutes. The cross in the AUD/JPY
extends its winning streak into a fourth day today as the bulls cheers
stronger business confidence and conditions report from Australia, while
the yen’s relative weakness further collaborated to the upbeat
sentiment around the cross.
The Aussie rallied after the NAB
data showed Australia’s business confidence index to have risen from 3
in February to 6 last month, while the business conditions index went
from 8 to 12, hitting an eight-year high. Moreover, a rebound in the
USD/JPY pair from seventeen-month lows reached the day earlier, also
added to the strong gains in AUD/JPY.
Looking ahead, focus now
remains on the Chinese trade balance and GDP figures due later this
week, while the Aus jobs report will be also closely watched for fresh
cues on RBA’s policy outlook.
AUD/JPY Technical Levels
To
the upside, the next resistance is located at 83.20/28 (10-DMA/ daily
R2) and above which it could extend gains to at 83.72/84 (1h 200-SMA/
round number).To the downside immediate support might be located
81.87/82 (5-DMA/ daily pivot) below that at 81 (psychological levels).
(Market News Provided by FXstreet)
