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AUD/JPY triangle breakout, heading to long term channel resistance

AUD/JPY is the biggest mover this week, helped partly by boost from risk-on markets. More importantly, Yen is experiencing steep, broad-based selloff, in reactions to the post-Powell surge in treasury yields. The decisive break of 76.78 resistance confirmed resumption of whole rise from 59.89. We’d be cautious on the case of quick reversal after a triangle breakout thrust. But in any case, 76.78 resistance turned support will be the first line of defense. 75.55 support is the second. AUD/JPY should now challenge long term channel resistance at around 80.45.

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