FOREX: AUD Crosses - Is AUD/JPY Pointing To Some Potential AUD Outperformance

US Stocks surged with a better than expected NFP print as risk builds on the positive backdrop. The AUD performance in the crosses remains subdued with only AUD/JPY breaking out its recent tight range and starting to move higher in response to a more positive risk sentiment, is this giving a heads up to some potential short-term gains for the AUD ?

• EUR/AUD - Overnight range 1.7876 - 1.7956, Asia is currently trading around 1.7905. The pair is probing below its support of the last couple of days around 1.7900. It has had a good run higher but with risk surging higher and topside momentum stalling could we see some reversion. First support seen back towards the 1.7800 area, a break below here would signal a deeper correction back to the 1.7600 area.
• GBP/AUD - Overnight range 2.0740 - 2.0813, Asia is trading around 2.0785. Upward momentum has now stalled with multiple failures above 2.1000, with risk surging higher the correction lower could have more to play out with support seen back towards the 2.0500 area. 
• AUD/JPY - Overnight range 94.50 - 95.37, Asia is trading around 95.05. The pair broke above its recent highs around 95.00 and with risk sentiment turning positive will be turning its focus back towards the 96.00 area where it previously failed.
• AUD/NZD -  Overnight range 1.0819 - 1.0846, the cross is dealing in Asia around 1.0820. The cross is struggling to get any momentum for now. It looks to be in a 1.0750 - 1.0850 range for now as it awaits a catalyst to provide some direction.

Fig 1: EUR/AUD spot Hourly Chart

Source: MNI - Market News/Bloomberg Finance L.P