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AUD/JPY: Holding Above 200-Day EMA

AUD

AUD/JPY has held above its 200-Day EMA after breaking above the measure in Friday's trading.

  • Stronger commodity prices, Bloomberg Commodity Index rose ~0.7%, saw the pair firm ~0.6% on Monday and we now sit at ¥91.55/65.
  • For the most part AUD/JPY has observed a ¥88/92 range in 2023 with the pair unable to sustain breaks of either handle.
  • Bulls look to break ¥92, opening up the high from Feb 15 (¥93.04) from here they can target 61.8% retracement of the Sep to Mar bear leg at ¥93.81.
  • Bears first target the 200-Day EMA (¥90.79), the next support comes in at ¥89.16 the low from May 4 ¥89.16.

Fig 1: AUD/JPY Daily Spot, EMAs


Source: MNI/Bloomberg

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