AUD/JPY declines towards 94.00 on positive PMI data, RBA in focus

AUD/JPY is scaling lower towards 94.00 as the release of the PMI data advocated long-liquidations.
The anxiety over the interest rate decision by the RBA has inserted volatility into the counter.
A rate hike by 25 bps is expected from the RBA next week.

Sagar Dua FXStreet

The AUD/JPY pair has witnessed selling pressure after failing to sustain above 94.50 in the Asian session. A two-week vertical run-up is finding some offers as profit-booking has kicked in on upbeat Jibun Bank Services PMI. The IHS Markit has reported the Services PMI at 52.6, higher than the former figure of 51.7.

Also, the agency has reported the aussie Composite PMI and Services PMI. The Composite PMI has landed at 52.9 vs. the prior print of 52.6. Also, the Services PMI has improved to 53.2, higher than the estimates and the prior print of 53.

The risk barometer is not facing any fundamental damage therefore a mild correction in the asset won’t affect the bullish bias. However, anxiety over the monetary policy announcement by the Reserve Bank of Australia (RBA) next week could drag the asset lower.

The market participants are expecting one more rate hike announcement by RBA Governor Philip Lowe. Investors should be aware of the fact that the RBA raised its interest rate by 25 basis points (bps) last month. Soaring inflation is impacting the real income of the households. A Reuters poll of economists found that the Reserve Bank of Australia will raise rates by a modest 25 bps for a second straight meeting in June. It looks like The RBA may prefer a gradual path of pushing lower rates to the neutral figure rather than opting for an aggressive one.

AUD/JPY

Overview
Today last price	94.22
Today Daily Change	-0.11
Today Daily Change %	-0.12
Today daily open	94.33

Trends
Daily SMA20	90.81
Daily SMA50	91.98
Daily SMA100	87.87
Daily SMA200	85.1

Levels
Previous Daily High	94.38
Previous Daily Low	92.85
Previous Weekly High	91.04
Previous Weekly Low	89.24
Previous Monthly High	94.03
Previous Monthly Low	87.31
Daily Fibonacci 38.2%	93.8
Daily Fibonacci 61.8%	93.43
Daily Pivot Point S1	93.32
Daily Pivot Point S2	92.32
Daily Pivot Point S3	91.79
Daily Pivot Point R1	94.86
Daily Pivot Point R2	95.39
Daily Pivot Point R3	96.4

Author

Sagar Dua

FXStreet

Sagar Dua is associated with the financial markets from his college days. Along with pursuing post-graduation in Commerce in 2014, he started his markets training with chart analysis.

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