AUD/JPY bulls in control on a strong recovery

By FXStreet FXStreet (Guatemala) – AUD/JPY is currently trading at 84.87 with a high of 84.92 and a low of 84.51.

AUD/JPY is trading on the bid and targeting the 85 handle. The price broke up in a recovery from the Nonfarm Payrolls slide down to 83.26 lows and has kept going while the greenback recovered vs the Yen, but remained on the back foot vs the Aussie on the 0.70 handle, that now targets the key 0.7080 resistance level.

The week will now open up with the FOMC minutes and a dovish tone may continue to fuel a recovery in the Aussie onto the 0.71 handle propelling the cross higher still.

AUD/JPY targets 0.8650

On the other hand, the Yen is ripe to for a test of the downside on the basis that the Fed may not be hiking before 2016 and continued uncertainties surrounding the Global economic picture. 0.8503 was the recent high and comes under pressure and 0.8650 comes as key target for a full recovery.
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Source:: FX Street