AUD/JPY continues stratospheric run, hits four year highs above 88.00 but now looking overbought By Frank_Macro AUDJPY RiskAppetite Commodities BOJ
In a week where there was a lot of focus on central banks with the Fed and BoE also deciding on rates , the BoJ’s dovish stance hurt the yen across the board. Separately, AUD continues to perform very well, as do other commodity-sensitive G10 currencies as traders and investors re-position themselves towards the currencies of nations that will benefit from recent geopolitics induced rallies in commodity prices.
Looking ahead, some technicians might be getting concerned that the recent rally has become overstretched. Indeed, AUD/JPY’s 14-Day Relative Strength Index is blinking over-bought, having hit 78 on Friday, well above the 70 level most define as being in over-bought territory, and at its highest since October last year. If a pullback is in order, the bulls will be eyeing a retest of support in the 86.00 area to reload longs for a longer-lasting push higher.
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