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Forex: AUD/JPY hits 5-year high and recedes

FXstreet.com (Córdoba) - The yen is among the worst performers in the FX space, as the Japanese currency extends its decline triggered by the BoJ easing measures announced last week aimed to fight deflation.

The Australian dollar took another step higher against the yen and reached its strongest level since November 2007 at 104.81 before finding resistance and pulling back. At time of writing, AUD/JPY is trading around 104.50, up 0.6% on Wednesday.

As for technical levels, if AUD/JPY manages to break above 104.80, next resistances could be found at 105.00 (psychological level) and 105.50 (Nov 8 2007 high). On the downside, supports are seen at 104.15 (20-hour SMA), 104.00 (psychological level) and 103.70 (intraday low).

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