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AUD/JPY bracketed in slim range, upside resolution eyes 99.70

FXStreet (Bali) - AUD/JPY is pressing into higher territory in early Tokyo, presently exchanging hands at the top of its hourly range at 99.12/15, with price action in need to break the current slim range between 98.80 and 99.15.

The commanding USD recovery seen in the last NA session saw the currency pairing part of the losses incurred during Friday's US NFP miss, with an equal under-performance from both AUD/USD and USD/JPY, still keeping AUD/JPY in an inconclusive tight range.

The broader underlying context, however, remains bullish for a potential re-test of Nov 5th highs at 99.70 should 99.15 be clearly broken. On the downside, clearance off 98.80 will entail further downside risks for a re-visit of 98.10/15, Nov 6th low.

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On the back of a failed breakout of 0.7670/0.77 last Friday, which ended with the NZD/USD printing a sizeable bullish outside day, Monday saw the initial upward impetus come to a standstill above $0.78 cents after leveraged funds/CTAs reset USD longs along the NA session, producing a daily shooting star that poses now downside risks again.
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