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AUD/JPY Rallies On RBA Statement

AUD/JPY Rallies On RBA Statement

AUD was stronger against all major currencies after the Reserve Bank of Australia held its cash rate unchanged at 2.5% and signaled in its accompanying statement that it was not likely to ease monetary policy over the coming months. We expect that AUD is likely to continue to recover over at least the next few sessions. On the other hand, with risk sentiment improving, Tokyo stocks are likely to move higher and JPY lower (the usual correlation). We thus expect AUD/JPY to appreciate further.AUD/JPY moved higher during the last trading hours and after finding resistance at its return line, moved lower to find support at the 20-hour moving average. I expect the pair to challenge the psychological resistance of 90.00 (R1), and if long holders are strong enough to overcome that hurdle, they should drive the price towards new short-term highs. On the other hand, if they fail to do so, a pullback towards the 89.10 (S1) support level should not surprise us, since both RSI and Stochastic are declining, causing negative pergence with the rising price.

  • Support

Support is found at the 89.10 (S1) level, followed by 88.41 (S2) and 87.98 (S3) respectively.

  • Resistance

Resistance levels are at the psychological round number of 90.00(R1), followed by 90.55 (R2) and 91.09 (R3), both found from the 4-hour chart.

AUD/JPY” width=”1731″ height=”740″ />Disclaimer: This information is not considered as investment advice or investment recommendation but instead a marketing communication. This material has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and that it is not subject to any prohibition on dealing ahead of the dissemination of investment research. IronFX may act as principal (i.e. the counterparty) when executing clients’ orders. This material is just the personal opinion of the author(s) and client’s investment objective and risks tolerance have not been considered. IronFX is not responsible for any loss arising from any information herein contained. Past performance does not guarantee or predict any future performance. Redistribution of this material is strictly prohibited.Risk Warning: Forex and CFDs are leveraged products and involves a high level of risk. It is possible to lose all your capital. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. IronFx Financial Services Limited is authorised and regulated by CySEC (Licence no. 125/10). IronFX UK Limited is authorised and regulated by FCA (Registration no. 585561). IronFX (Australia) Pty Ltd is authorized and regulated by ASIC (AFSL no. 417482)

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