AUDJPY is widely regarded as the universal risk measure with the AUD seen as a risk currency while the JPY is seen as a safe haven. As a result the movements of this pair can be widely matched with the general risk on/risk off moods of the market. This month the AU has gained strong traction thanks to a general risk on mood and also due to strong Iron Ore and Copper prices. AUDJPY opened the month at 76.76 and is now up over 200 pips, currently trading at 78.89. AUDJPY is currently approaching an important psychological level of 79.00. If the general risk on mood continues, it will no doubt surpass this level and continue its climb upwards towards 80.00. However, there is always a chance of a risk reset, in which case, the demand for safer currencies, may see it return to 78.50 or even 78.00.