AUD/JPY juggles around 91.30 ahead of RBA monetary policy

AUD/JPY is oscillating in a rangebound territory ahead of the RBA’s interest rate policy.
The RBA is widely expected to announce a fourth consecutive 25 bps interest rate hike.
The majority of Japanese officials have denied headlines pertaining nomination of Masayoshi Amamiya as BoJ Governor.

Sagar Dua FXStreet

The AUD/JPY is displaying back-and-forth moves around 91.30 as investors are awaiting the interest rate decision by the Reserve Bank of Australia (RBA) for fresh impetus. Signs of volatility contraction are visible in the cross ahead of RBA policy as investors will keenly focus on remarks over inflation projections.

A historic jump in the Australian Consumer Price Index (CPI) to 7.8% for the fourth quarter of CY2022 dictates that households are bound for extremely higher payouts to necessities and durables. Also, the Australian inflationary pressures have not peaked yet, which gives a green signal to the continuation of policy tightening by the central bank.

To tame soaring inflation, RBA Governor Philip Lowe has already pushed the Official Cash Rate (OCR) to 3.10% and further escalation in interest rates cannot be ruled out.

Analysts at ING expect “RBA to hike rates by 25 bps to 3.35%. Considering the much higher-than-expected inflation readings over the past two months, we have increased our peak RBA cash rate forecast to 4.1% from 3.6%, assuming that there are two further months of 25 bps hikes ahead. AN occurrence of the same would be the fourth consecutive 25 bps rate hike by the central bank.

Meanwhile, a virtual meeting between trade partners of Australia and China on Monday is broadly setting a positive tone for the Australian Dollar. China is willing to restart the economic, trade exchange mechanism with Australia and hopes that the latter will provide Chinese firms with a fair, open, non-discriminatory business environment.

On the Japanese Yen front, The Yen displayed sheer volatility after a report from Nikkei claimed that the Japanese government has approached Bank of Japan (BoJ) Deputy Governor Masayoshi Amamiya to succeed Haruhiko Kuroda as the head of the central bank.

Japan’s Deputy Chief Cabinet Secretary Yoshihiko Isozaki clarified on Monday that there is “no truth to report BoJ Deputy Gov Amamiya sounded out for the next BoJ governor.

Also, Japan's Finance Minister Shunichi Suzuki cited “I have not heard anything about the nomination of Amamiya as BoJ Governor,” as reported by Reuters.

AUD/JPY

Overview
Today last price	91.3
Today Daily Change	0.51
Today Daily Change %	0.56
Today daily open	90.79

Trends
Daily SMA20	90.94
Daily SMA50	90.96
Daily SMA100	92.43
Daily SMA200	93.03

Levels
Previous Daily High	91.49
Previous Daily Low	90.24
Previous Weekly High	92.66
Previous Weekly Low	90.24
Previous Monthly High	92.82
Previous Monthly Low	87.41
Daily Fibonacci 38.2%	90.71
Daily Fibonacci 61.8%	91.01
Daily Pivot Point S1	90.19
Daily Pivot Point S2	89.58
Daily Pivot Point S3	88.93
Daily Pivot Point R1	91.44
Daily Pivot Point R2	92.09
Daily Pivot Point R3	92.69

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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