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AUD/JPY jumps to fresh 2-week highs on RBA

FXStreet (Mumbai) - The cross in the AUD/JPY extends its bullish momentum for the fifth consecutive session on Tuesday, with the latest RBA steady monetary policy decision providing fresh impetus to the Aussie.

AUD/JPY eyes 86 handle

Currently, the AUD/JPY pair trades 0.46% higher at 85.72, hovering close to fresh two-week highs posted at 85.78 in last minutes. The AUD/JPY cross broke the shackles of 85.20-85.40 tight range and rallied nearly 40 pips after the Australian central bank decided to leave the cash rate unchanged at 2.00% at its latest monetary policy meeting on Tuesday.

While the USD/JPY pair remains almost unchanged, having little impact on AUD/JPY, the recent spurt of fresh buying was a result of a sharp rally in AUD/USD.

In the day ahead, the cross could track the broader market sentiment while the upcoming US trade data could have some impact on the cross. Wednesday’s BOJ policy decision will be also closely monitored.

AUD/JPY Technical Levels

To the upside, the next resistance is located at 86.16 (Sept 22 High) levels and above which it could extend gains to 86.91 (Sept 18 High) levels. To the downside immediate support might be located at 85.15 (Today’s Low) below that at 84.59 (Sept 22 Low) levels.

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