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AUD/JPY set for a rerun for the upside yet?

FXStreet (Guatemala) - AUD/JPY is trading at 100.64, up 0.02% on the day, having posted a daily high at 100.90 and low at 99.93.

AUD/JPY has started to make a comeback after sliding along a drift lower from the 102 handle. The pair moved in as low as the 100 handle earlier when EUR/AUD demand lead the AUD in the crosses lower in an extension with USD/JPY has also weighed on the pair this week besides the fundamentals in RBA’s Lowe jawboning and iron ore coming off.

Last week, analysts at TD Securities (TDS) noted that the pair was overstretched and were looking for it to come off, but suggested that 98.60/70 is solid support at the moment, so should this decline continue, this is a level to mindful of.

However, the TDS analysts are bullish in the long run and suggested that the move to new cycle highs through November keeps the focus on the topside and the likelihood of a retest of 105.45/50 (2013 highs) and 107.75/85.

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