The pair has support at the fourth Fibonacci retracement of the fast rise to those 2021 peaks from the lows of March 2020. That comes in at 0.6468.
That uptrend has now taken the Aussie to highs not seen against its Japanese rival for more than nine years. AUD/JPY has also nosed above an admittedly very broad trading band which had previously held since April 2022. The Bank of Japan rocked markets in March by finally stepping away from its zero-interest rate policy. However, as the Australian Dollar’s continuing rise shows, Japanese yields remain unattractive by comparison with peer currencies’ and will continue to do so for some time.Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors.
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