You know my views well by now on this pair, I’m bullish and I’m long and I’m being helped this morning by some quite heavy buying by professional leveraged accounts. I’m expecting this AUD buying to continue as the election date nears (the market is very short) and the technical set-up in USD/JPY looks quite bullish to me (although we may simply get some extended sideways trading).
AUD/JPY is itself looking technically constructive but needs to break cleanly above 90.10 to get us excited about a double-bottom (see chart).