AUD/JPY still can't break through 83.00
|- The Aussie is looking for a way higher as the Yen holds steady.
- BoJ rate decision on Friday already has traders looking forward.
The AUD/JPY has been leaning ever-so-slightly to the bullish side despite middling on the charts for the current week, and the pair is currently trading just shy of the 83.00 handle heading into the Tokyo markets.
The Aussie has been maintaining its position against the Yen, but the 83.00 level is proving to be a vexatious neighborhood, with the pair struggling to develop bullish momentum away from the key level ever since falling below it in February's slide from the 88.00 region.
The Aussie has suffered from a light data schedule this week, and the Export and Import Price Indexes at 01:45 GMT are unlikely to drive much action, with the quarterly Export Index expected at 4.1% (prev. 2.8%) and the Import Index is forecast at 1.3% (prev. 2.1%). On the Yen side the calendar is equally quiet, and the JPY barely registered Foreign Bond investment figures, which showed an uptick (in Yen terms) in both investment in Japanese stocks (480.4 billion, prev. 305.7) and Japanese bonds (950.3 billion, prev. 799.7).
The focus for the Yen pairs will be the Bank of Japan's (BoJ) Interest Rate Decision slated for Friday at 02:00 GMT. With the BoJ set to hold steady on rates for the indeterminate future, traders are going to looking into the BoJ's statements to try and suss out hints about the BoJ's outlook, and any planned future moves.
AUD/JPY Levels to watch
The pair has priced in a floor this week from 82.50, and a move lower will have to push past support from late March's swing highs near 81.80, while bulls will need to break through the 50.0 Fibo level at 83.20 before challenging the last high at 83.95.
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