AUD/JPY testing offers near 85.00

By FXStreet FXStreet (Bali) – AUD/JPY has been on a speedy rise, building up on recent gains, posting a new weekly high of 84.91, just a few pips ahead of the key 85.00.

Risk appetite rules the market

The avalanche of buyers into the AUD/JPY is a natural reaction to the risk appetite environment the market has adopted since the last European session. Since the pair was the most punished during risk-off phases, the unwinding of short positions gets buyers the biggest bang for their back as the short term trend reverses courses aggressively.

AUD/JPY levels

On the upside, the next key level can be found at 85.00 round number, followed by 85.20, with a break beyond this latter, exposing 85.50/55 (Daily R2). On the downside, 84.45/50 becomes the immediate intraday support – Tuesday’s high – ahead of the important 84.00 psychological level.
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Source:: FX Street