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AUD/JPY settles above 97.25 breakout point

FXStreet (Bali) - AUD/JPY is consolidating above the recently broken 97.25 resistance now turned support, having posted a new 15-month high of 97.44 before a mild retracement seeking liquidity, currently trading hands at 97.36.

Jim Langlands, Founder at FXCharts, notes: "The cross has been on fire over the last couple of weeks and seems to have more room left on the topside, having closed the month just below the 97.25 trend highs." After breaking through 97.25 on Monday, Jim notes "the next target looks like the 61.8% Fibo retrace of 105.42/86.40 at 98.05." On the downside, pullbacks towards 97.25 should find plenty of dip buyers down to 97.00.

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