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AUD/JPY revisits daily highs, risk-on ahead of the weekend?

FXStreet (Mumbai) - The AUD/JPY pair is back to trade near 84.90-85.00 levels after the US Q2 GDP was revised higher to 3.9%.

Risk on back?

The AUD, which is a proxy for china, erased losses against the greenback on hopes an uptick in the US GDP could be positive for commodity prices. Meanwhile, an uptick in the treasury yields post the GDP report kept the Yen under pressure.

Consequently, the AUD/JPY cross rose back to 84.90-85.00 levels, indicating the risk-on sentiment could make a comeback in the markets.

AUD/JPY Technical Levels

The immediate resistance is seen at 85.00, above which gains could be extended to 85.55 (10-DMA). On the other side, support is seen at 84.73 (hourly 100-MA) and 84.14 (hourly 50-MA).

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