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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
AUD
AUD/JPY printed its highest level since early November yesterday, and a fresh year to date high. The pair rose ~0.7%, and last prints at ¥94.85/95.
- Rising US Tsy Yields post CPI weighed on the yen and AUD/JPY extended gains through the New York session before marginally paring gains after facing resistance above ¥95.
- Bulls look to sustain a break of ¥95 handle which opens up ¥95.99 a fibonacci projection.
- On the downside, bears look to first break below ¥94. From here they can target the 20-Day EMA (¥92.71).
- Today's FOMC meeting provides the next risk event for the pair. The Fed is expected to hold rates, however attention will be on any forward guidance that the bank provides.
- Looking ahead; tomorrow's Australian May Labour Market Report, the unemployment rate is expected to hold steady at 3.70%, and Friday's BOJ monetary policy decision where no change is expected provide further event risks.
Fig 1: AUD/JPY Daily Spot, EMAs
Source: MNI/Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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