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AUD/JPY: Technicals reoriented bullish above 102.00

FXStreet (Bali) - On the back of a Chinese rate cut last Friday, the AUD/JPY bullish stance remains intact, with the exchange rate exchanging hands above its key 102.00 level.

While last week's multiple topside failures at 102.00 was suggesting a period of consolidation ahead for the pair, the Chinese rate cut acted as the catalyst to unravel the short term picture, reorienting technicals to a renewed bullish stance as long as 102.00 is defended, with odds increased after a story from Reuters about the possibility of a long-lasting Chinese easing cycle beginning.

Should further impulses north be seen, buyers will be aiming for Friday's high at 102.90 ahead of the round number 103.00, with 103.50 the next target. On the downside, as mentioned 102.00 needs to be protected, otherwise, risks of a 101.50 retest increase. The pair is not expected to produce much two way business during Asia, due to Tokyo being on holidays and no relevant data of note.

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