AUD/JPY chart on Trading View used for analysis
- AUD/JPY edges lower from session highs at 82.36, trades at 82.15 at the time of writing.
- The pair is holding above 110-EMA and intraday bias remains slightly bullish.
- The Reserve Bank of Australia (RBA) is expected to announce its monetary policy decision at its policy meeting due tomorrow at 0430 GMT.
- No change in policy is expected - markets are pricing 0.0% chance of a rate hike. However, the post-meeting presser will be in focus for any clues for the policy outlook.
- Technical studies are slightly bullish. Stochs and RSI support further upside in the pair. Any bullish tone in the RBA statement could see some upside push.
- Price action has edged above major EMAs and has broken above daily cloud. The pair could target 200-DMA at 83.17. Further upside only on break above.
- On the data front, AU Balance of Trade will be in focus. It is expected to come in at A$1.4 Billion, slightly below the last read of A$1.551 Billion.
Support levels - 81.93 (110-EMA), 81.35 (55-EMA), 81
Resistance levels - 82.65 (38.2% Fib), 83.17 (200-DMA), 83.88 (50% Fib)
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at -29.0974 (Neutral), while Hourly JPY Spot Index was at -14.1705 (Neutral) at 0530 GMT.
For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
