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AUD/JPY: Potential bull trend resumption

FXStreet (Bali) - AUD/JPY saw a major bounce off 96.40/50 support level, printing its highest at 97.51 before liquidity dried up and price adjusted lower at 97.27 ahead of Tokyo.

News that the Chinese Central Bank - PBOC - is pumping 500bn yuan through their SLF - Standard Lending Facility - to the five largest banks in the country, prompted a significant boost in risky assets, with the Aussie the main beneficiary.

Technically, the abrupt bounce off a key parallel support has shifted the focus back to the upside, with dips now expected to attract a greater number of buyers. Setbacks towards 96.80-97.00 should see solid bids re-emerging, while on the upside, if bulls can breach 97.50, the next resistance is found at 97.80 (61.8 fib from the Sept 10-15 fall) ahead of the 98.00 round number.

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