AUD/JPY continues push upwards ahead of Tokyo, tests 85.50

Aussie catches a ride on Monday.
AUD/USD decline halted for now; Aussie unemployment on Friday.

Joshua Gibson FXStreet

AUD/JPY is pushing higher during the overnight session, testing into 85.50 ahead of the Tokyo market open.

The Aussie has managed to halt the slide yesterday, trading up steadily through Monday's markets. Risk aversion coupled with a dovish stance on rates by the Reserve Bank of Australia (RBA) has seen AUD/USD decline at an accelerating pace for three straight weeks, as the Aussie softens on continued sluggish economic growth for the island continent, and the Yen continues to gain as the market's safe haven of choice, despite continued rhetoric from the Bank of Japan (BoJ) desperately trying totalk down the Japanese currency from its lofty valuation.

This week will be quiet for both the Aussie and the Yen, at least until Friday. Australia will be dropping their Unemployment Rate and Employment Change figures on Friday at 01:30 GMT. The Aussie has struggled to make new ground lately thanks to hesitating language from the RBA, influenced by middling economic data for the country. A positive beat to employment numbers could give the Aussie the boost it needs to bring the RBA closer to rate change territory.

AUD/USD Technicals

With the pair's break upwards on Monday, the pair is poised to find a new leg up, with support stacking at 84.48 and 85.28, while a move upwards will have to contend with resistance piled up at 85.84 and 86.73.

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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