- AUD/JPY is lower despite the RBA's GDP and CPI forecasts being a little higher.
- AUD/USD dropped from 0.7265 to 0.7246 on the RBAs Statement on Monetary Policy and dragged the cross to 82.71.
AUD/JPY has dropped on the RBAs Statement on Monetary Policy and one of the main catalysts for a lower Aussie has been due to the unemployment rate forecast being a little lower.
The following are the key points today's RBA's Statement on Monetary Policy:
- Board does not see strong case for near-term change in cash rate
- The GDP and CPI forecasts have nudged a little higher.
- The unemployment rate forecast a little lower.
- No case for a near term policy move on the cash rate.
Meanwhile, USD/JPY targets above 114.74 with a very wide scope towards 118.66, the December 2016 high. Analysts at Commerzbank argued that the market is underpinned by the 55 day ma (112.40) and cloud support (112.93/15).
RSI has been turning negative after rising to OB territory. AUD/JPY has been capped by R1 at 83.06 before the double top at 82.25. The pair is now resting at the pivot at 82.79 but a breakdown opens 81.92 on the wide. 80.64 is a key 61.8% Fibo and 80..25 is a 50% Fibo level.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.