FxWirePro: AUD/JPY spikes higher for the 4th straight session, 83 handle in sight

AUD/JPY chart - Trading View 

AUD/JPY extends winning streak for the 4th straight session to hit fresh 26-month high, bias bullish. 

The pair brushes aside downbeat RBA minutes and extends gains as traders take cues from upbeat market sentiment.

The RBA minutes highlighted the need for significant monetary support, adding that few signs of deterioration in home lending standards were noticed which would be monitored closely.

S&P 500 Futures and Australia’s ASX 200 were up over 0.50% each while the US 10-year Treasury yields hit highest in 11 months as markets remain risk-on.

Comments from Japanese Finance Minister Taro Aso and BOJ Governor Haruhiko Kuroda, favoring the need for further easy monetary and fiscal policies, added to upside support to the pair.

Price action is extending break above 200W MA. Momentum and other indicators are strongly bullish. The pair is on track to test 76.4% Fib at 83.12.

5-DMA is immediate support at 81.53. Break below could see weakness till 21-EMA at 80.69. retrace below 200W MA will negate further upside.