February 3, 2023

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AUD/JPY pushes to fresh one-month high as yen slips across the board

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AUD/JPY moves up to 84.72 – its highest level since 18 March

AUD/JPY D1 20-04
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The pair looks to be clearing resistance around 84.48 currently as buyers are pressing for the next leg higher, with the yen seen slipping across the board amid higher Treasury yields to start European morning trade.

10-year Treasury yields are up 2.5 bps to near 1.63% and that is underpinning yen pairs in general, with AUD/JPY buyers now paving the way for a test of the 85.00 level.

The figure level held daily gains in-check in late February and mid-March and will once again be a key level to watch in the sessions ahead as such.

A firm break above that will see resistance from the 18 March high @ 85.45 come into play next. Also, just take note that the confluence of the key monthly moving averages for AUD/JPY is seen @ 84.65-70. That will be one to watch ahead of the month-end close.


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