AUD/JPY catches fresh bids, spike above 82.50 on upbeat Aus GDP

The cross in AUD/JPY finally broke its overnight consolidative phase to the upside and witnessed a knee-jerk 40-pips rally, following the release of better-than expected Australian Q1 GDP figures.

AUD/JPY takes out 82.50, what’s next?

The AUD/JPY recovery from yesterday’s drop to near 81.70 found extra boost from upbeat Australian GDP report, which lifted AUD/USD to fresh monthly tops.

Australia's GDP eases in Q1, but beats estimates

Moreover, a minor-recovery seen in USD/JPY, tracking the renewed uptick seen in the US yields, also collaborated to the fresh rally seen in the cross.

However, with the US dollar regaining ground across the board, it remains to be seen whether the spot can sustain the break above 82.50.

Meanwhile, markets may continue to cheer upbeat Australian growth numbers, in absence of any economic data release from the US docket today.

Technical Levels

Higher side: 82.81/83.02 (20 & 50-DMA), 83.50 (psychological levels), 84.16 (200-DMA)

Lower side: 81.92/91 (key support), 81.71 (multi-week low), 81.43 (Apr 19 low)