AUD/JPY pierces through 80.00 handle after RBA meeting minutes

As the European session gets underway, the AUD/JPY pair found further traction beyond 80.00 psychological mark and is currently trading near-day's peak level of 80.40.

On Monday, the pair rebounded from lower opening on weak Chinese data over the weekend and extended its recovery on Tuesday after RBA minutes failed to provide clear cues of further easing in the near-future.

Even from technical perspective, the pair is now sustaining its strength above 10-day SMA, suggesting that the upward momentum might continue in the near-term.

Technical levels to watch

From current levels, last week's high near 80.65 level could provide some immediate resistance, which if conquered decisively seems to assist the pair towards its next major resistance near 81.60-70 area, also coinciding with 20-day SMA region.

On the downside, the pair might now be well supported at 80.00 psychological mark, which if broken should drag it to 79.70 support. A follow through selling pressure below 79.70 would negate prospects of any further recovery and would open room for a retest of recent lows support (sub-0.7900 level).