AUD/JPY closed Thursday's session with gains above 93.00

The AUD/JPY peaked at a daily high of 93.45 on Thursday.
The Aussie continues to get traction with the hawkish stance of the RBA.
Cautious market mood and rumours of a BoJ intervention give traction to the Yen.

Patricio Martín FXStreet

The AUD/JPY currency pair reached a daily high of 93.45 on Thursday, reflecting the strong performance of the Australian dollar. The hawkish stance of the Reserve Bank of Australia (RBA) has been a driving force behind the Aussie's gains. On the other hand, the Japanese yen is also finding support due to cautious market sentiment and rumours of potential interventions by the Bank of Japan (BoJ).

Aussie got traction on the back of RBA’s hawkish stance

The Australian Dollar continues to gain from the surprise interest rate hike by the Reserve Bank of Australia (RBA). Governor Lowe emphasized on Wednesday following the announcement the importance of maintaining labour market achievements but clarified that sustained inflation increases will not be tolerated. The expectation of further rate hikes supports the Aussie's rise.

The JPY, on the other hand, s finding further support from the recent expectations of further interventions by the BoJ to bolster the domestic currency. Additionally, the JPY's safe-haven appeal is benefiting from a cautious market sentiment due to concerns about a global economic slowdown, particularly in China. However, the recent weakness on Gross Domestic Product (GDP) reported on the early Asian session, fueled dovish bets on the BoJ which could limit the JPY’s upside potential.

AUD/JPY Levels to watch

From a technical perspective, the AUD/JPY pair currently shows a neutral to bullish outlook in the short term, although the upward momentum appears to have paused, indicators still stand in positive territory.

In terms of resistance levels, AUD/JPY faces upcoming resistance around 93.40 and above at the multi-month high of 93.50 struck on Wednesday. On the other hand, support to take into account line up at 93.00, 92.80 and 92.50.

AUD/JPY daily chart

AUD/JPY

Overview
Today last price	93.25
Today Daily Change	0.05
Today Daily Change %	0.05
Today daily open	93.2

Trends
Daily SMA20	91.57
Daily SMA50	90.45
Daily SMA100	90.55
Daily SMA200	91.8

Levels
Previous Daily High	93.52
Previous Daily Low	92.78
Previous Weekly High	92.56
Previous Weekly Low	90.26
Previous Monthly High	92.44
Previous Monthly Low	89.16
Daily Fibonacci 38.2%	93.24
Daily Fibonacci 61.8%	93.07
Daily Pivot Point S1	92.81
Daily Pivot Point S2	92.42
Daily Pivot Point S3	92.07
Daily Pivot Point R1	93.55
Daily Pivot Point R2	93.91
Daily Pivot Point R3	94.3

Author

Patricio Martín

FXStreet

Patricio is an economist from Argentina passionate about global finance and understanding the daily movements of the markets.

EUR/USD flirts with daily highs, retargets 1.1900

EUR/USD regains upside traction, returning to the 1.1880 zone and refocusing its attention to the key 1.1900 barrier. The pair’s slight gains comes against the backdrop of a humble decline in the US Dollar as investors continue to assess the latest US CPI readings and the potential Fed’s rate path.

GBP/USD remains well bid around 1.3650

GBP/USD maintains its upside momentum in place, hovering around daily highs near 1.3650 and setting aside part of the recent three-day drop. Cable’s improved sentiment comes on the back of the Greenback’s irresolute price action, while recent hawkish comments from the BoE’s Pill also collaborate with the uptick.

Gold clings to gains just above $5,000/oz

Gold is reclaiming part of the ground lost on Wednesday’s marked decline, as bargain-hunters keep piling up and lifting prices past the key $5,000 per troy ounce. The precious metal’s move higher is also underpinned by the slight pullback in the US Dollar and declining US Treasury yields across the curve.

Crypto Today: Bitcoin, Ethereum, XRP in choppy price action, weighed down by falling institutional interest

Bitcoin's upside remains largely constrained amid weak technicals and declining institutional interest. Ethereum trades sideways above $1,900 support with the upside capped below $2,000 amid ETF outflows.

Week ahead – Data blitz, Fed Minutes and RBNZ decision in the spotlight

US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.