16 Oct 2013
AUD/JPY faces 94.00 hurdle as buyers restore interest
FXstreet.com (Barcelona) - AUD/JPY has emerged as one of the big winners since the market regained hopes that a US debt deal and government re-open may just hours away.
AUD/JPY key technical levels
While being too risky to base one's analysis on technical readings alone, especially under such fluid situation in the U.S., the AUD/JPY continues to look very constructive from a daily perspective, yet a resolution above 94.40 resistance is still required to open up further upside scope towards 95.00 round number. On the downside, buyers camped at 93.30 remain resilient.
RBA vs BoJ
Fundamentally, the Australian Dollar was recently boosted by the RBA monetary policy minutes, in which a neutral tone - they are comfortable holding rates steady at 2.25% - was confirmed. Meanwhile, in Japan, the BoJ is not expected to embark upon fresh quantitative easing until Q2 2014 once the sales tax takes effect and an assessment on prices can be performed.
AUD/JPY key technical levels
While being too risky to base one's analysis on technical readings alone, especially under such fluid situation in the U.S., the AUD/JPY continues to look very constructive from a daily perspective, yet a resolution above 94.40 resistance is still required to open up further upside scope towards 95.00 round number. On the downside, buyers camped at 93.30 remain resilient.
RBA vs BoJ
Fundamentally, the Australian Dollar was recently boosted by the RBA monetary policy minutes, in which a neutral tone - they are comfortable holding rates steady at 2.25% - was confirmed. Meanwhile, in Japan, the BoJ is not expected to embark upon fresh quantitative easing until Q2 2014 once the sales tax takes effect and an assessment on prices can be performed.