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AUD/JPY buffeted below 101.00, JPY weakness supportive

FXStreet (Bali) - Yen weakness is the main theme at the Tokyo open, with USD/JPY absorbing offers through 116.00 to set new multi-year highs at 116.19, with Gotobi demand assisting the rally.

AUD/JPY has not seized on the USD/JPY spike as efficiently though, as downward pressure in AUD/USD accelerated following USD/JPY, but also in what appears to be a market not as committed to keep the bid one after the projected 61.8 fib target at 0.8760 was hit overnight.

Technically, AUD/JPY remains buffeted in a tight range just below 101.00, but with the bullish stepping formation still going, the outlook for further gains looks rosy, especially if AUD/USD manages to hold key support at 0.8675 in coming sessions. Note, there is a large AUD/USD option expiry tonight in NY at 0.8700 (AUD2.1bln), which should buoy the Aussie around the level until rolling off.

USD/JPY taking on the 116 level; requires firm close above here

USD/JPY is trading at 116.17, up 0.33% on the day, having posted a daily high at 116.21 and low at 115.74.
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