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FXstreet.com (San Francisco) - The Japanese yen is broadly weaker against commodity currencies on a strong revival in risk appetite, extending its slide to fresh 3-day highs versus its Australian and New Zealand counterparts this Wednesday in Asia.

AUD/JPY has so far rallied 0.9% to 84.68 vs. 83.96 at the opening, where it now hovers below the 23.6% retracement of the 72.04/88.61 upswing. "Aud.Jpy broke my inner trend line and is currently pushing up against resistance levels," says the AKFinancials Research Team. "If the bulls manage to break through they will be after 85.20 and 86.75."

The surge in NZD/JPY has pushed the pair to as high as 66.93 and is also recording a 0.9% gain on the day. Of this pair, the AKFinancials Research Team observes the following: "Nzd.Jpy is currently attempting to take out the downwards trend line and if it succeeds look for further moves north. The bulls in this pair are after 67.50 and 68.33."

The yen has come under recent pressure on expectations that the Bank of Japan will likely take fresh easing steps next week, as suggested by recent comments by BOJ Deputy Governor Nishimura. Also hampering the yen is the general risk-on theme fueled by a strong performance in regional equities after huge gains in Wall Street shares overnight.

Worthy of note, the yen weakens comes ahead of Japan's March trade data on Thursday, which is expected to show Japan's trade balance in deficit territory after a small surplus in February.

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