AUD/JPY comfortable along rising support line

By FXStreet FXStreet (Guatemala) – AUD/JPY is making good progress in general in the rising channel, despite the bouts of strength in the Yen due from an optimistic RBA.

The Aussie in general is supported on dips across the board, and vs the greenback, the highs scored last week at 0.7279 need to be broken on a third attempt to fully alleviate the immediate pressures of the 50 DMA at 0.7242.

This would put the cross en route for a bid back into the sideways market of between 93.00 and 89.00, and in a dollar positive market with bulls looking for closes through 120.80 en route for the 122 handle in Yen, the cross would be testing the upper end of that aforementioned bracket.

However, we need to see strong performances from US data and a more sustained period of stability in Global equities to tip the balance in the Bulls favour. Immediate upside targets while trading above the 200 SMA at 85.65 come as R1 87.11, R2 87.32 and R3 87.54. Support comes as 86.01, 85.80, 85.58/65.
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Source:: FX Street