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AUD/JPY taking on the 100 handle with conviction

FXStreet (Guatemala) - AUD/JPY is trading at 100.38, up 1.43% on the day, having posted a daily high at 100.50 and low at 98.92.

AUD/JPY has performed well at the first target for the bulls of the 100 handle. The pair has continued to pressure the upside and has met some resistance at 100.40/50. On the daily chart, the conviction to the upside is most apparent and fundamentally, the pair has a justified position with the BoJ’s current policy and improvements in the Australian economy and global liquidity and investor apatite.

However it is early days on the 100 handle yet and the pair will be subject to scrutiny from here, especially in respect of the strength of the Aussie, commodity prices and end of year investment repatriation flows. For instance, a drop in stock markets and a correction would put the pair under extreme pressure.

AUD/JPY noteworthy levels

With spot trading at 100.38, we can see next resistance ahead at 100.59 (Weekly Classic R2) and 101.45 (Weekly Classic R3). Support below can be found at 99.82 (Hourly 20 EMA), 99.77 (Weekly Classic R1), 99.56 (Daily Classic R3) and 99.37 (Daily Classic R2).

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