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AUD/JPY rises as markets witness relief rally

FXStreet (Mumbai) - The AUD/JPY pair turned higher on Friday as the financial markets witnessed a relief rally after suffering from the risk aversion for major part of the week.

Eyes 85.00 amid rising stocks

The pair currently trades around 84.70 levels after having clocked a low of 82.99 in the previous session. The European stocks spiked today after Fed’s Yellen talked up rate hike expectations on Thursday.

Consequently, the drop in the commodities came to a halt, ensuring the Aussie remained flat today.
Meanwhile, Yellen’s comments triggered a wave of selling the JPY. Consequently, the AUD/JPY cross is moving fast towards 85.00 handle.

AUD/JPY Technical Levels

The immediate resistance is located at 85.00, above which gains could be extended to 86.38 (weekly high). On the other side, support is located on the hourly chart at 84.50 and 84.13 (hourly 50-MA).

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