AUD/JPY going nowhere fast as Reserve Bank of Australia rounds the corner

The AUD/JPY is freezing in place ahead of the Reserve Bank of Australia's rate call.
Despite the Monday freeze, the Aussie is trading into 5-month highs against the Yen.
The Reserve Bank of Australia is anticipated to raise rates once more.

Joshua Gibson FXStreet

The AUD/JPY is making itself comfortable ahead of the Reserve Bank of Australia's (RBA) anticipated rate hike. Money markets are expecting the Australian central bank to hike rates once more, with the median forecast at 25 basis points.

Australia Interest Rate Decision Preview: RBA set to tighten further after four straight meetings on hold

The Yen got no favors from the Bank of Japan (BoJ) this week after BoJ Governor Kazuo Ueda reaffirmed the central bank's dedication to hyper-easy monetary policy.

The BoJ made a minor adjustment to its Yield Curve Control (YCC) mechanism last week, but is otherwise leaving all other aspects of the Japanese central bank's policy framework unchanged.

Markets responded by hammering the Yen into the floorboards, with the JPY broadly selling off across the board.

AUD/JPY Technical Outlook

The Aussie-Yen pairing is largely frozen in place, trading within a tight 25-pip range for Monday's chart action as Aussie traders brace for the RBA. The AUD/JPY is testing on the high side, near 5-month highs and threatening a breakout into a new high for 2023 above 97.68, with 2022's yearly high nearby at 98.57.

The Aussie rallied nearly 2.7% from last week's opening bids near 94.80, closing in the green for five straight trading days and set for a sixth as long as the RBA meets or beats market expectations for early Tuesday's rate call.

AUD/JPY Hourly Chart

AUD/JPY Technical Levels

AUD/JPY

Overview
Today last price	97.33
Today Daily Change	0.05
Today Daily Change %	0.05
Today daily open	97.28

Trends
Daily SMA20	95.32
Daily SMA50	95.03
Daily SMA100	94.91
Daily SMA200	92.86

Levels
Previous Daily High	97.33
Previous Daily Low	96.58
Previous Weekly High	97.33
Previous Weekly Low	94.74
Previous Monthly High	96.42
Previous Monthly Low	93.05
Daily Fibonacci 38.2%	97.04
Daily Fibonacci 61.8%	96.87
Daily Pivot Point S1	96.8
Daily Pivot Point S2	96.31
Daily Pivot Point S3	96.04
Daily Pivot Point R1	97.55
Daily Pivot Point R2	97.82
Daily Pivot Point R3	98.3

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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