AUD/JPY breaks above 83.00 post NAB report

By FXStreet FXStreet (Bali) – AUD/JPY gunned through 83.00 round number, taking the rate to a new session high of 83.20 before a retreat to retest the aforementioned 83.00 level, following Australia’s NAB business report.

Does the move have substance behind?

Market sources are reporting that the move in AUD/USD above 0.6960 resistance, which led to the spike higher in AUD/JPY as well, came via a trip of stops above 6955, with offers said to be heavy between 6980/7000 at the moment. Should the upward momentum resume, the next resistance for the Aussie vs the Yen can be found at 83.45/50 vicinity, while a loss of 83.00 would expose 82.60/70 intraday support. While the relief rally may continue, markets remain on the edge, with risk aversion still the norm ahead of the re-open of US today, following yesterday’s US Labour Day.
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Source:: FX Street