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AUD/JPY prints bullish reversal off key support

FXStreet (Bali) - AUD/JPY has printed a bullish outside day off key 96.30/50 support area, with the highest so far reached at 96.88 after being paid as low as 96.07 earlier on Wednesday.

The main mover for the pair in today's Asian session will be remarks made in a panel participation by Glenn Stevens, Governor of the RBA in the Melbourne Economic Forum. The two main topics traders will keep an eye on will be any mention towards the lower AUD value and macro-prudential measures potentially being implemented to limit lending.

From an order-flow angle, the pair is still likely to face an important cluster of offers starting at 97.20 up to 97.50, the former coinciding with the 61.8% fib from 98-96.07. On the downside, bids should emerge on dips should 96.30/50 area is re-visited. Traders should be cautious to add intraday positions with tight stops ahead of the speech by RBA Stevens as it may get volatile once headlines start to hit the wires.

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