AUD/JPY climbs to fresh three-year high as the yen comes under pressure again

AUD/JPY up 0.5% to 84.76, its highest levels since February 2018

The yen is weighed lower on the back of higher yields once again to start European morning trade, with AUD/JPY pushing to fresh highs in three years currently.

AUD/JPY W1 25-02
The pair is looking to hold a push past the March to June 2018 highs around 84.48-53 and that may very well pave the way for buyers to target October 2017 and January 2018 highs just above 89.00 in the bigger picture of things.

The jump higher across yen pairs is largely a reflection of weaker yen sentiment due to higher yields as we are also seeing GBP/JPY looking to hold a break above 150.00 for the first time since May 2018.

Meanwhile, NZD/JPY is also contesting with resistance from its December 2018 high @ 78.87 as it touches 79.00 for the first time since April 2018.

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By Jonathan Prop

Jonathan Prop is an independent financial advisor. He has been working in finance for the last 20 years. After retiring early in his 40s, Jonathan decided to help others get to grip with financial markets, particularly his area of expertise - forex!

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