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Lucas: Why I'm buying AUDJPY

Is now the time to buy AUDJPY? 3C Analysis' Steve Lucas thinks so. Technically, Tuesday's rally was the most bullish in nine months and it ended a long sequence of lower weekly highs which is positive. Rising interest rates in the States are also good news for the US dollar, which supports USDJPY.

After its meeting earlier in the week, the Reserve Bank of Australia left out any mention for the desire of a weaker exchange rate, which was Aussie dollar supportive.

His call this Wednesday is to buy at market at 91.01, which is a 38% pullback to the gains posted since last week's low.

The stop is at 90.38.

Targets are 92.53, the four week high and 93.40, the 50 day moving average rate.

01:25 minutes
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