
Today AUD weakened against the broad range of world currencies owing to the neutral stance adopted by the Reserve Bank of Australia. The RBA wanted the same that is a weak Australian dollar as it believes it will help in broader alignment of Australian economy. However as per my personal belief the AUD will strengthen again in coming weeks if not days because the Austrailian economy is doing well and the world commodities market is holding up as Chinese demand recover. To play that rally I think AUD/JPY is best placed.
If we look on technical charts of AUD/JPY we see a strong support in range of 85.00. I'll be looking for buying opportunities as long as AUD/JPY holds above key support levels for a target of 88.70