• AUD/JPY rises above 75 as US stock futures jump 0.30%. 
  • Stocks remain bid despite the rise in the coronavirus cases in the US. 
  • RBA is likely to keep key policy tools unchanged and may talk down the Aussie dollar. 

AUD/JPY is flashing green for the fourth straight trading day with the US stock futures pointing to continued risk-on action in the equity markets. 

At press time, the pair is trading at 75.05, representing 0.27% gains on the day. Meanwhile, the futures tied to the S&P 500 are reporting a 0.30% gain and keeping the anti-risk Japanese yen under pressure. 

The S&P 500 index closed higher for the fifth straight day on Monday despite a worrying rise in the number of coronavirus cases in the US and other parts of the world. As a result, JPY took a beating across the board. 

Focus on RBA

The Reserve Bank of Australia (RBA) is expected to keep interest rates unchanged at the record low of 0.25% and retain the three-year bond yield target of 0.25%. The rate decision and policy statement will be published at 04:30 GMT. 

According to analysts, the central bank has little reason to make changes to key policy tools. That said, the Aussie dollar has appreciated by 1500 pips over the past 3.5-months. As such, the RBA could try to talk down the exchange rate. 

The focus would also be on the governor’s assessment of the recent flare-up in coronavirus cases in Victoria and the resulting impact on the economic recovery. 

Technical levels

AUD/JPY

Overview
Today last price 75.05
Today Daily Change 0.20
Today Daily Change % 0.27
Today daily open 74.85
 
Trends
Daily SMA20 74.02
Daily SMA50 72.18
Daily SMA100 70.24
Daily SMA200 72.33
 
Levels
Previous Daily High 75.16
Previous Daily Low 74.5
Previous Weekly High 74.71
Previous Weekly Low 73.36
Previous Monthly High 76.79
Previous Monthly Low 71.61
Daily Fibonacci 38.2% 74.91
Daily Fibonacci 61.8% 74.75
Daily Pivot Point S1 74.51
Daily Pivot Point S2 74.17
Daily Pivot Point S3 73.85
Daily Pivot Point R1 75.18
Daily Pivot Point R2 75.5
Daily Pivot Point R3 75.85

 

 

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