AUD/JPY bulls looking for a break of 93.80 resistance

FXStreet (Guatemala) - AUD/JPY is currently trading at 93.68 with a high of 93.77 and a low of 93.23.

AUD/JPY is carving its way through the upside of the 93 handle and extending the highs for the month of April. Today, Stevens disappointed the market in not making reference to the Banks monetary policy as being this close to the next RBA meeting in May where expectations of a May Aussie rate cut are still being scaled back by the market, as noted by analysts at Rabobank.

As for the BoJ meeting, analysts at TD Securities are confident that this will be a no show but remain cautious nonetheless. "We think the BoJ will hold fire on stimulus for now but given that the activist central bank has a history of surprising and the shunti (annual spring wage negotiations) resulted in wage increases of 0.8% (compared to 1.0% as the BoJ was rumoured to be hoping for), we cannot firmly rule out a "surprise" easing this week and we would look to position for such accordingly".

Technically,93.20 comes as support while resistance is 93.80 ahead of 94.20 and R3 at the mid point of the handle while RSI (14) on the hourly offers room to go to the upside.

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