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AUDJPY – Back to the Highs?
The Australian dollar has been a monster over the past few days rocketing through resistance at the .7450 level and pushing all the way to .7600 before finding sellers. The pair is benefiting from renewed investor interest in the carry trade and growing speculation that the RBA will reconsider tightening if inflation starts to accelerate.
To that end today AU CPI numbers will loom large and if the number prints hotter Aussie and the whole Aussie complex to could rally further. Meanwhile, USDJPY has started to stabilize after testing the 112.50 level three times over the past 24 hours. If AU data proves positive it could pull AUD/JPY to a retest of recent highs at 87.00 while 84.00 provides strong support for the pair.