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AUD/JPY rising for the sixth day in a row

FXStreet (Córdoba) - The aussie continued to rise against the Japanese yen despite the decline of USD/JPY, supported by rising commodity prices and an improvement in risk appetite. On Tuesday the Australian dollar received a modest impulse after the Reserve Bank of Australia left monetary policy unchanged and sounded more optimistic.

AUD/JPY, that last week was trading below at 83.50, broke above 86.30 on Asian hours and peaked before the US session at 86.88, reaching the strongest levels in two weeks. It pulled back afterwards, moving away from the highs and it was about to close at 86.40.

AUD/JPY next target: 87.00

The rally of the pair approached 87.00/10 that is the next challenge. The mentioned area is a key resistance that since August is capping the upside. A break and a consolidation significantly above could open the doors for more gains; the next medium term resistance could be seen around 89.00 – 89.50 (February and July lows).

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