30 Apr 2014
AUD/JPY risk is the BoJ
FXStreet (Guatemala) - AUD/JPY is trading at 95.09, down -0.03% on the day, having posted a daily high at 95.18 and low at 95.03.
AUD/JPY, despite with the Aussie being under pressure and selles market, the pair is performing back onto 95.10. However, the hourly FXStreet OB/OS Index is showing neutral conditions, alongside the FXStreet Trend Index which is slightly bearish.
BoJ critical for AUD/JPY
Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank explained that the release of the BoJ’s economic outlook is key to understanding how the central bank will approach additional stimulus (we expect that they will eventually turn towards it). She said the consensus expects the BoJ to maintain its outlook for inflation in tomorrow’s release and any shift will impact the outlook for USD/JPY (and subsequently AUD/JPY) and makes the announcement an important one.
AUD/JPY Levels
With spot trading at 95.10, we can see next resistance ahead at 95.13 (Daily Open), 95.13 (Daily 20 SMA), 95.18 (Daily High), 95.20 (Weekly Classic PP) and 95.24 (Daily Classic R1). Support below can be found at 95.04 (Hourly 20 EMA), 95.03 (Daily Low), 94.92 (Hourly 100 SMA), 94.91 (Daily Classic PP) and 94.78 (Monthly Low).
AUD/JPY, despite with the Aussie being under pressure and selles market, the pair is performing back onto 95.10. However, the hourly FXStreet OB/OS Index is showing neutral conditions, alongside the FXStreet Trend Index which is slightly bearish.
BoJ critical for AUD/JPY
Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank explained that the release of the BoJ’s economic outlook is key to understanding how the central bank will approach additional stimulus (we expect that they will eventually turn towards it). She said the consensus expects the BoJ to maintain its outlook for inflation in tomorrow’s release and any shift will impact the outlook for USD/JPY (and subsequently AUD/JPY) and makes the announcement an important one.
AUD/JPY Levels
With spot trading at 95.10, we can see next resistance ahead at 95.13 (Daily Open), 95.13 (Daily 20 SMA), 95.18 (Daily High), 95.20 (Weekly Classic PP) and 95.24 (Daily Classic R1). Support below can be found at 95.04 (Hourly 20 EMA), 95.03 (Daily Low), 94.92 (Hourly 100 SMA), 94.91 (Daily Classic PP) and 94.78 (Monthly Low).