AUD/JPY looks to take out another key level on the way up
The pair is continuing to run with the break above its key daily moving averages amid the risk rally, with the move then coinciding with the AUD/USD breaking above its own key technical levels as well as the S&P 500 above 3,000.
Since then, there hasn't been anything to really stop the march higher in the pair as we now see it close in on the end-December highs @ 76.55.
A daily break above that will be yet another win for buyers in this unrelenting push higher since the bottoming out back in late March.
AUD/JPY is often seen as a key barometer for risk - for currencies - in the market and a break above the end-December highs is only going to be yet another tough pill to swallow for the bears amid the ongoing rally in risk.
Equities are still pushing higher ahead of the weekend and that is helping to underpin the pair, but more notably, it looks like Treasuries are starting to play ball too.
That is also a consideration for yen pairs moving forward if the correlation with Treasuries start to reconnect and adds another headwind for the yen.
