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JPY: Further Gains

AUD

AUD/JPY remain in demand for the fourth straight day, the pair last sits +29 pips at Y84.11, after crossing above the Y84.00 mark for the first time in a week. Regional news flow has been limited so far, while the rate has shown little reaction to Japanese unemployment (held steady) and retail sales (rose faster than forecast M/M).

  • The high print of Mar 22, located at Y84.38, provides the initial bullish target. A break here would open up Mar 18 high of Y85.45. On the flip side, a dip through the 50% retracement of the Jan 28 - Mar 18 rally/Mar 24 low at Y82.33/82.29 would shift focus to Feb 26 low of Y81.99.

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