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Aussie-Yen Set to Extend Rally on Commodities and Growth Bets
The Aussie dollar appears poised to extend its rally against the yen as bets on the global economic rebound overshadow the Reserve Bank of Australia’s efforts to restrain the currency. The growth-sensitive pair, which has surged 35% from a decade low in March, may test resistance around 84 yen per Australian dollar in coming weeks after recently breaching its April 2019 high. Key technical indicators, including its moving average convergence-divergence, suggest upward momentum will continue, while hedge fund positioning also points to further gains. The steady advance in commodity prices that underpins the growth ... (full story)