AUDJPY Price Analysis: Meanders near 93.00 on risk-on mood, dovish BoJ By christianborjon AUDJPY Crosses Technical Analysis
A risk-on market sentiment boosted the prospects of the Aussie, while the BoJ kept the yen downward pressured.The Australian dollar advances vs. the Japanese yen as market sentiment leans risk-on, with USrecording gains as 75% of the US companies’ earnings topped Wall Street. At 92.90, the AUD/JPY gains 1.61% and approaches, for the second time during the day, the 93.00 barrier.
Wednesday’s risk appetite carried on to Thursday as global equities rose. In the FX space, the Japanese yen depreciated after the Bank of Japan committed to its dovish stance keepingOn Thursday, BoJ’s Governor Haruhiko Kuroda said currencies should move stably, reflecting fundamentals. He added that the 2% inflation target would not be sustained as energy prices fade and stated that he would watch FX moves carefully.The AUD/JPY bias remains upward, as the daily chart confirms.
The MACD is neutralizing, as shown by MACD-line/signal line and the histogram, which means the pair might be consolidating, just above the R2 daily pivot at 92.90. Upwards, the AUD/JPY’s first resistance would be the 93.00 mark. A breach of the latter would expose the 200-hour SMA at 93.28, followed by the weekly high around 93.52, which, once cleared, would expose the 94.00 mark.
On the flip side, the AUD/JPY’s first support would be 92.58. Break below will send the pair tumbling towards the R1 daily pivot at 92.17, followed by April’s 27 daily high at 91.98.
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