Nick Nasad
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AUD/JPY: Wipes Away Recent Losses and Now Testing Key Resistance

I went into some details regarding the macro catalyst that helped proper the AUD higher in overnight trading (a switch from a dovish to neutral bias by the RBA) and wanted to look at the AUD/JPY as it had a very nice turnaround during the session.

After finding a low near 88.40, the pair has rallied 240 pips and now smacks into a resistance level near 91, the pair's highs from last week. While I suspect there should be some selling pressure here, a break through 91 would open up the pair to make a run at 92.70. This would especially be true if risk sentiment in equity markets returns to a more constructive phase.

Here's that resistance zone that we are entering from a daily perspective. it certainly is an important pivot, having acted as both support and resistance since September.