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AUD/JPY finally breaks through 88 and beyond

FXStreet (Mumbai) - The AUD/JPY cross remains strongly bid ahead of the BOJ decision, jumping sharply above 88 barrier, as the strength in the yen against the greenback is overshadowed by a solid rebound in AUD/USD.

AUD/JPY trades above 5-DMA at 88.10

Currently, the AUD/JPY pair gains 0.46% to 88.31, easing-off fresh five-week highs reached at 88.47 in last hours. AUD/JPY extends its winning-streak for the seventh straight session today largely driven by strong gains seen in the AUD/USD pair. The solid-comeback staged by gold, copper and oil prices along with FOMC-minutes led correction in the USD, supports the rally In the Aussie.

However, the upside remains capped as the yen gains against its American counterpart following upbeat Japan’s trade balance data. Japan's trade balance swung back in surplus by JPY111.5 billion in October after recording a deficit of JPY114.5 billion in Sept. Meanwhile, markets now await today’s BOJ decision for further moves in the cross.

AUD/JPY Technical Levels

To the upside, the next resistance is located at 88.66 (Oct 12 High) and above which it could extend gains to 89 (round number). To the downside immediate support might be located 88.10/88 (5-DMA/ psychological barrier) below that at 87.74 (20-DMA).

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