Nick Nasad
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AUD/JPY - Clears Important Resistance, Further Room to Run?

The AUD/JPY cleared an important level of resistance in today's early NY trading, pushing past 94.15, a level that had held twice this month.

  • Is this the start of a further rally? If so, there is scope for further gains as the Aussie had been as high as 95.60 in late October.
  • If there is an extension of this rally, important pivots along the way include 94.60 and 94.95, which may act as levels for profit taking.
  • Much depends on the what happens with investor sentiment, especially in the Nikkei225 which had rallied 7.7% last week, but started this week with a pullback to that rally.