• AUD/JPY climbed sharply on Thursday as the yen weakened following the Bank of Japan's (BOJ) decision to keep interest rates unchanged.
• As expected, the BOJ kept interest rates unchanged, but the yen faced selling pressure after Governor Kazuo Ueda offered little insight during the post-meeting press conference.
• Governor Kazuo Ueda reiterated that policymakers would require more time to evaluate incoming economic data and the potential impact of U.S. President-elect Donald Trump's policies.
• Technical signals are pointing uptrend as RSI has turned higher , daily momentum studies 5, 9 and 11 DMAs are trending up
• Immediate resistance is located at 98.34 ( Dec 17th high), any close above will push the pair towards 99.55(50% fib).
• Immediate support is seen at 97.82 (23.6% fib) and break below could take the pair towards 97.00 (Psychological level).
Recommendation: Good to buy around 98.50, with stop loss of 98.00 and target price of 99.40
