AUD/JPY nears another test of the key daily moving averages
The pair is trading at session highs currently and is just inches away from a test of the confluence of the key daily moving averages @ 74.35. Nearby, there is also the 50.0 retracement level of the recent swing move lower since the start of the year @ 74.33.
Those are key levels to watch out for in the sessions ahead as the risk-on push continues to gather pace in the European morning.
AUD/JPY tends to be a key barometer for risk sentiment in the market and a break of the key levels above will turn the pair to be more bullish and that may vindicate buyers to extend the upside momentum further in the week.
Coronavirus headlines remain the key risk factor for risk trades this week but so far, the market is showing remarkable resilience in brushing that aside.
And with the technical picture starting to turn more in favour of risk trades, it is getting harder to ignore or go against the push higher in the market over the past two weeks.
