AUD/JPY has staged an impressive 15% rally since the onset of the Russia-Ukraine conflict. In the view of Benjamin Wong, Strategist at DBS Bank, the pair is poised to reach higher grounds.

Acute JPY weakness is the driver for the ongoing AUD/JPY rally

“Acute JPY weakness has seen the cross gain momentum through the break and validation of the neckline of a bullish and broadening inverse head-and-shoulders pattern at 86.25.”

“The cross’ advance is within a long-term triangle pattern; unless the cross sustains losses under 89.45, it will court higher targets into 96.55-97.30.”