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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 firmed to its highest level since 23 November on Friday printing a year to date high at ¥94.13 before marginally paring gains. We last sit at ¥93.95/94.05.
- Commodity FX outperformed on Friday, and firmer US Tsy Yields weighed on the JPY as well as the previously highlighted Bloomberg report which noted BoJ officials saw little need to change policy at this week’s meeting. Iron Ore futures posting their highest level since April also aided the AUD bid.
- Bulls have broken upside resistance at ¥93.81, a Fibonacci retracement, as the Mar-June bull run extends. They now target a break of the ¥95 handle which opens ¥95.99 a fibonacci projection.
- On the downside bears look to first break the 20-Day EMA (¥92.21) to turn the tide.
- Data-wise the BOJs policy meeting on Friday, no change to policy is expected, highlights the week. We also have Australia's May Labour Report on Thursday the headline unemployment rate is forecast to hold steady at 3.7%.
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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