A daily AUD/JPY chart also reveals how the Australian Dollar could come under pressure after rejecting the 70.000 handle – a massive zone of confluent resistance noted by the 100-day exponential moving average, March 08 gap lower, 61.8% Fib, as well as the top barrier of its rising wedge pattern. Yet, AUD/JPY might keep marching higher, perhaps toward the 74.000 price mark, if trader risk appetite remains upbeat and volatility compression bolsters the currency carry trade.
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