FXstreet.com (San Francisco) - The Australian dollar is gaining on its Japanese counterpart this Wednesday, with AUD/JPY having traded up around 40 pips into the 81.50 area to record fresh 3-day highs. The move comes as risk-on Asian bourses lift sentiment, as better than expected Australian consumer confidence and housing start data support AUD, and as iron ore price have jumped from $87 to back above $100 in less than a week. At the time of writing, AUD/JPY is quoted at session highs, last at 81.53. A key Fibonacci retracement level at 81.60 (50%, 83.56/79.65) may limit further rallies in the short-term, and the 200-day EMA (81.66) may also attract offers. Daily RSI is hovering in neutral territory around its midline, last valued at 50, which leaves room for an upward continuation.
AUD/JPY May 20 at 22:15 GMT
100.13/17 (-0.07%)
H100.38 L 99.51
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Any opinions, news, research, analyses, prices or other information contained on this story, by FXstreet.com, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXstreet.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
