The AUDJPY extended last week’s gains early on in Monday’s Sydney session, although the pair is likely to face resistance around the 93.20 area.
The AUDJPY was up 0.21 percent in Monday’s early hours, trading at 93.17. The AUDJPY climbed 1.3 percent last week, with 93.20 capping any added upside. The technical resistance is located at 93.29, according to the 1-hour chart. On the downside, support is likely found art 92.84.
The AUDJPY is likely to remain supported so long as commodity prices continue to strengthen. Global crude prices have risen for three consecutive weeks on news of higher demand and net long positions.