30 Apr 2015
AUD/JPY bulls gearing up for BoJ semi-annual economic outlook
FXStreet (Guatemala) - AUD/JPY is trading at 95.36 with a high of 95.37 and a low of 95.03.
AUD/JPY is trading to the upside despite the Yen's bulls protecting 119 territory vs the greenback while the Aussie flexes its muscles yet again post the US GDP disappointments overnight. This big miss in the data had the greenback falling over yet again until the FOMC came tot the rescue and picked it up on the back of some optimistic language in the statement that came along with the on hold interest rate decision.
AUD is somewhat better bid in a market place that is recognising that the weakness is fading in the economy and that the RBA is able to sit on its hands and see whether the improvements will continue throughout this next quarter. Next week comes with the RBA meeting and markets are presuming that there will be no change although some concern over the strength of the currency, keeping the bulls half in their pens.
The BoJ is the next main event today, and although there is little expected in the way of changes from the Central Bank, we will be attentive to the semi-annual economic outlook and inflation forecasts for both the rest of 2015 and 2016 that are due. The cross may perform on the back of anything downgraded in respect of these forecasts while 94.80 supports and bulls could be targeting 95.40/70 charted territory.
AUD/JPY is trading to the upside despite the Yen's bulls protecting 119 territory vs the greenback while the Aussie flexes its muscles yet again post the US GDP disappointments overnight. This big miss in the data had the greenback falling over yet again until the FOMC came tot the rescue and picked it up on the back of some optimistic language in the statement that came along with the on hold interest rate decision.
AUD is somewhat better bid in a market place that is recognising that the weakness is fading in the economy and that the RBA is able to sit on its hands and see whether the improvements will continue throughout this next quarter. Next week comes with the RBA meeting and markets are presuming that there will be no change although some concern over the strength of the currency, keeping the bulls half in their pens.
The BoJ is the next main event today, and although there is little expected in the way of changes from the Central Bank, we will be attentive to the semi-annual economic outlook and inflation forecasts for both the rest of 2015 and 2016 that are due. The cross may perform on the back of anything downgraded in respect of these forecasts while 94.80 supports and bulls could be targeting 95.40/70 charted territory.