AUD/JPY breaks higher, re-attempts 84.00 ahead of Aus CPI
|The AUD/JPY cross finally brought an end to its overnight consolidation box in Tokyo, and broke to the upside amid an extended rally in the Asian indices, boosting the rate to test 84 handle.
Risk-on sentiment remains the underlying theme in Asia so far, diminishing Yen’s attractiveness as a safe haven across the board, while the higher yielding currency Aussie recovers ground and turns positive, benefiting from a better sentiment towards risk assets.
Reflecting risk-on market profile, the benchmark 10-year US yields trade near 2-week tops of 2.345, while the Asian stocks trade +0.65% to +1%.
However, the bulls remain cautious heading towards the Australian Q1 CPI data release, which is expected to shape up next direction for the AUD. Australia's Q1 2017 CPI preview - NAB
Technical Levels
Higher side: 84.47/50 (Apr 5 high/ psychological levels), 84.73 (50-DMA), 85 (zero figure)
Lower side: 83.47 (daily pivot), 83.23/16 (5 & 200-DMA), 83 (key support)
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