• AUD/ JPY steadied around 98.54 on Monday as traders look ahead to the Reserve Bank of Australia’s policy decision this week.
• The central bank is anticipated to maintain current interest rates on Tuesday, given robust labor market data and ongoing inflationary pressures.
• All 45 economists in a Sept 12-19 poll expected the RBA to keep rates steady on Tuesday with 40 of 44 predicting no change for the rest of 2024.
• Immediate resistance is located at 99.05 ( 38.2% fib), any close above will push the pair towards 99.92 (Higher BB).
• Immediate support is seen at 97.90 (Daily low) and break below could take the pair towards 97.32 (50% fib).
Recommendation: Good to buy around 98.40, with stop loss of 98.60 and target price of 99.00