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AUD/JPY: Strongest Day Since Early Jan, RBA On Tap

AUD

AUD/JPY rose ~1.8% yesterday, the unscheduled bond buying by the BOJ weighed on the Yen, this was the largest daily gain for the pair since early January.

  • The pair breached the ¥94 handle, the 20-day EMA (¥94.95) and ¥95 handle on Monday. We now sit at ¥95.50/60.
  • Bulls now target a break of the high from 6 July (¥96.3, this opens high from 4 July (¥96.83) and year to date highs (¥97.68).
  • On the downside; bears first target the 20-Day EMA which opens yesterday's low (¥93.71) and the 200-Day EMA (¥92.40).
  • Today's monetary policy decision from the RBA is the next risk event for the pair, the median estimate of the Bloomberg survey looks for a 25bp increase in the cash rate to 4.35%.
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