FXStreet (Mumbai) - The bid tone on the AUD strengthens as we progress towards the mid-Asian, keeping AUD/JPY near one-week highs just shy of 87.50 levels.
AUD/JPY rises on AUD strength
Currently, the AUD/JPY pair rises 0.40% to 87.35, easing-off fresh weekly highs recorded at 87.46 last hours. The AUD/JPY cross found fresh bids at the hourly 10-SMA near 87.10 region and extends higher, finally breaking through the consolidation phase between seen over the past week.
The Aussie edged higher mainly driven by the strengthening AUD/USD pair, shrugging-off the ongoing RBA rate cut chatter spurred by NAB and CBA mortgage rate hikes.
While the yen weakness versus the US dollar on the back of upbeat sentiment across the global equities, also keeps the AUD/JPY underpinned.
In the day, there is nothing significant to be reported in terms of economic data and hence the cross will continue to track the broader market sentiment.
AUD/JPY Technical Levels
To the upside, the next resistance is located at 87.50/53 (psychological levels + Oct 19 High) and above which it could extend gains to 87.99 (daily R2). To the downside immediate support might be located at 86.64 (10-DMA) below that at 86.05/86 (Oct 14 Low + round number).
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