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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 a fresh year to date high and its highest level since 1 Nov in volatile post FOMC trade yesterday. The pair is holding its gains sitting above the ¥95 handle last printing ¥95.20/30.
- We now sit ~10% above the low registered in late March, and have sustained the breakout of the ¥88/92 range which persisted for much of 2023.
- Bulls now target ¥95.99 a fibonacci projection, this opens the high from September 13 ¥98.13.
- On the downside, bears look to first break below ¥94. From here they can target the 20-Day EMA (¥92.98).
- Today'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 risk.
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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