AUD/JPY Price Analysis: Bulls attacking air that could open risk to 81.20
|- AUD/JPY bulls take charge and move into a low volume area on the chart.
- The 15-min time frame appears to be void of offers until 81.20.
AUD/JPY has rallied in the Asian session so far on Wednesday. The price got a boost from the Aussie Gross Domestic product outcome, beating expectations albeit still in negative territory for the year and third quarter.
Nevertheless, the markets are starting to shrug off the new coronavirus variant risk on the day and instead are moving out of the yen. USD/JPY is trading higher by 0.245 at the time of writing which is giving the AUD/JPY cross a boost. The following illustrates the upside potential in the cross from a 15-min perspective which opens room to 81.20:
The price has rallied into what is regarded as an area of low volumes. That is to say, not a lot of transactions have gone on in this space in recent business, so there are unlikely to be many offers standing in the way until the next level of resistance in 81.20.
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