3 May 2016
AUD/JPY accelerating towards 82, RBA in focus
AUD/JPY’s recovery mode gained further traction over the last hour, after the Aussie picked-up pace against its American peers, as focus now remains on the RBA cash rate decision.
AUD/JPY sees a 50-pips rally
The AUD/JPY pair now trades +0.32% near fresh session highs of 81.84, extending further beyond 5-DMA at 81.53. The cross remains firmer this session as the gains in the AUD/USD pair outweigh the yen’s strength versus the greenback.
Further, markets prefer to hold the OZ currency heading into the RBA policy decision as against the Japanese yen, as markets remain divided over the prospects of a RBA rate cut at today’s meeting. While any surprise offered by the RBA may result in extreme moves in the cross, on the back of major impact on AUD/USD.
AUD/JPY Technical Levels
To the upside, the next resistance is located at 82 (round number) and above which it could extend gains to at 82.50/54 (psychological levels/ 1h 100-SMA).To the downside immediate support might be located 81.53/33 (5-DMA/ daily pivot) below that at 81.03/00 (daily S1/ round number).
AUD/JPY sees a 50-pips rally
The AUD/JPY pair now trades +0.32% near fresh session highs of 81.84, extending further beyond 5-DMA at 81.53. The cross remains firmer this session as the gains in the AUD/USD pair outweigh the yen’s strength versus the greenback.
Further, markets prefer to hold the OZ currency heading into the RBA policy decision as against the Japanese yen, as markets remain divided over the prospects of a RBA rate cut at today’s meeting. While any surprise offered by the RBA may result in extreme moves in the cross, on the back of major impact on AUD/USD.
AUD/JPY Technical Levels
To the upside, the next resistance is located at 82 (round number) and above which it could extend gains to at 82.50/54 (psychological levels/ 1h 100-SMA).To the downside immediate support might be located 81.53/33 (5-DMA/ daily pivot) below that at 81.03/00 (daily S1/ round number).