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AUD/JPY testing key 96.50 breakout point

FXStreet (Bali) - AUD/JPY is testing bids at the important support 96.50/60, which represents the breakout point of a multi-month range topside resolution from last August 21.

While the Yen has been weak across the board for the past few weeks, the sharpness of the AUD decline of recent times, with the unwinding of carry trade long plays main factor to blame as volatility picks up, has led the rate to see a major retracement form its 98.50+ highs on Sept 8.

Technically, there should be plenty of buying interest from current levels down to 96.00, as fresh longs aiming to get paid an attractive swap consider re-joining the underlying uptrend. A daily close below 96.00 may see selling interest intensify.

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