Fresh highs of the day in AUD/JPY at 103.30 as the pair gains another 200 pips today.
Like in all the yen crosses, there are some extremely overbought indicators but with a major fundamental change a momentum indicator isn’t a good enough reason to buy or sell.
The main resistance points are the crisis highs of 104.50 and 107.73 but the pair is now flirting with the measured target of the recent range breakout so that could stall the move.
AUDJPY daily
There are some risks in the day ahead with March Chinese CPI set to be released at 0130 GMT. The market is expecting a sharp drop to +2.5% from +3.2% in February. A higher reading would raise fears about policy tightening and weigh on AUD.