• AUD/ JPY strengthened on Tuesday after Australia's central bank maintained rates and adopted a hawkish stance.
• Concluding its September meeting, the Reserve Bank of Australia (RBA) maintained rates at a 12-year high of 4.35%, emphasizing the need for a sufficiently restrictive policy to bring inflation back to target.
• The hawkish stance sent the Australian dollar 0.52% higher against Japanese yen to 98.68, the highest since 3rd September.
•The technical outlook remains bullish and points to eventual bigger gains, Fourteen-day momentum is positive, reinforcing the scope for a bigger gains
• Immediate resistance is located at 99.10 ( 38.2% fib), any close above will push the pair towards 100.00 (Psychological level).
• Immediate support is seen at 98.04 (Daily low) and break below could take the pair towards 97.32 (50% fib).
Recommendation: Good to buy around 98.60, with stop loss of 98.00 and target price of 99.40
