AUD/JPY: Bounces up from 5-day MA, reinforcing channel breakout ahead of RBA minutes

AUD/JPY has bounced up from the ascending 5-day moving average (MA) of 80.02, reinforcing the sideways channel breakout confirmed on Friday.
The AUD may take a beating if the Reserve Bank of Australia April meeting minutes, due at 01:30 GMT, sounds more dovish-than-expected.

Omkar Godbole FXStreet Contributor

AUD/JPY is currently trading largely unchanged on the day at 80.32, having found bids at the ascending (bullish) 5-day moving average (MA) of 80.02 earlier today.

The bounce from the key average support validates the upside break of the 2.5-month-long sideways channel confirmed on Friday. Put simply, the path of least resistance is to the higher side.

The rally toward the crucial resistance at 81.18 (Nov. 21 low), however, may not materialize if the minutes of the RBA's April meeting, send a strong easing signal, forcing markets to price in the possibility of a rate cut next month.

However, with an election and fiscal boost around the corner, the RBA is unlikely to cut rates in May, according to analysts at TD Securities. So, the minutes are unlikely to provide any dovish surprise.

Technical Levels

AUD/JPY

Overview
Today last price	80.32
Today Daily Change	-0.05
Today Daily Change %	-0.06
Today daily open	80.37

Trends
Daily SMA20	79.06
Daily SMA50	78.92
Daily SMA100	79.14
Daily SMA200	80.22

Levels
Previous Daily High	80.45
Previous Daily Low	80.19
Previous Weekly High	80.49
Previous Weekly Low	78.95
Previous Monthly High	79.66
Previous Monthly Low	77.54
Daily Fibonacci 38.2%	80.29
Daily Fibonacci 61.8%	80.35
Daily Pivot Point S1	80.22
Daily Pivot Point S2	80.07
Daily Pivot Point S3	79.96
Daily Pivot Point R1	80.48
Daily Pivot Point R2	80.6
Daily Pivot Point R3	80.75

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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