FxWirePro: AUD/JPY Daily Outlook

Chart - Courtesy Trading View 

AUD/JPY was trading 0.95% higher on the day at 92.60 at around 12:45 GMT.

The pair is extending bull run for the fourth consecutive week, outlook remains bullish.

Price action is above cloud, Chikou span is biased higher. 

MACD and ADX support upside in the pair. Momentum is bullish and volatility is high and rising.

GMMA indicator shows major and minor trend are strongly bullish. Major moving averages are trending higher.

Aussie buoyed after hawkish comments from former Governor of the Reserve Bank of Australia (RBA) Ian Macfarlane.

Ex-RBA Governor Macfarlane warned over persistently high inflation and the need to sharply hike rates in early Wednesday. 

The former policymaker also mentioned, “There is enough scarcity in Australia and in the US to keep the rate of inflation high.”

On the other side, Japan's economy shrank an annualised 0.5% in the first quarter, slightly better than the initial estimate of a 1.0% contraction.

AUD/JPY trades with a bullish bias. The pair is poised to test 2014 high at 102.84.