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AUD/JPY: Bulls conquer handle, risk-on persists

FXStreet (Mumbai) - The cross in the AUD/JPY extends its recovery path from multi-week lows reached earlier this week and rallies in the European morning on increased bids for higher yielding currencies.

AUD/JPY trades above 10-DMA

Currently, the AUD/JPY pair trades 1% higher at fresh weekly highs of 85, rising from 83.92 lows. The Australian dollar continues to hammer its Japanese counterpart as the European traders prefer the higher yielding currencies and dump the safe-havens against the backdrop of improving risk-sentiment.

While the yen also remains pressured on the back of weak Japanese manufacturing sector activities, as reflected by Wednesday’s industrial production data as well as the latest Tankan manufacturing index.

Markets now await the US macro releases for further cues on the USD moves, which may eventually influence the AUD/JPY cross.

AUD/JPY Technical Levels

To the upside, the next resistance is located at 85.19 (20-DMA) levels and above which it could extend gains to 86.16 (Sept 22 High) levels. To the downside immediate support might be located at 83.92 (Today’s Low) below that at 83.59 (Sept 28 Low) levels.

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