18 Feb 2014
AUD/JPY heading up through the pivot
FXStreet (Guatemala) - AUD/JPY is trading in a tight range on a drift to the upside popping through 92.20/30 and eyeing onwards towards 92.40 resistance.
The main event for today is going to be the minutes from the RBA Board’s February meeting that are due at 11:30am Syd/8:30am Sing/HK and then the BoJ’s meeting which concludes today also. Sean Callow, analyst at Westpac Banking Corporation ABN explained that some of the interest in the RBA minutes has been dampened by the quarterly statement released 3 days after the meeting. “But it will still be well worth noting the thinking around the Board’s switch to a clear neutral stance and dropping the overt predictions of AUD decline. Risks for any AUD response seem skewed to the topside”. He continued and said the BoJ comes once again with no tension over the decision and only mild interest in the statement and subsequent press conference. “The decision time is not fixed as usual but the past several meetings have concluded in the 11:30am-12:30pm Tokyo range (1:30-2:30pm Syd)”. The bias for the pair is firmly towards the upside with EMA’s and RSI (14) indicating that there is room for a push through the pivot.
The main event for today is going to be the minutes from the RBA Board’s February meeting that are due at 11:30am Syd/8:30am Sing/HK and then the BoJ’s meeting which concludes today also. Sean Callow, analyst at Westpac Banking Corporation ABN explained that some of the interest in the RBA minutes has been dampened by the quarterly statement released 3 days after the meeting. “But it will still be well worth noting the thinking around the Board’s switch to a clear neutral stance and dropping the overt predictions of AUD decline. Risks for any AUD response seem skewed to the topside”. He continued and said the BoJ comes once again with no tension over the decision and only mild interest in the statement and subsequent press conference. “The decision time is not fixed as usual but the past several meetings have concluded in the 11:30am-12:30pm Tokyo range (1:30-2:30pm Syd)”. The bias for the pair is firmly towards the upside with EMA’s and RSI (14) indicating that there is room for a push through the pivot.