- AUD/JPY keeps the upside break of two-day-old resistance line, now support, to refresh intraday high after RBA.
- RBA left monetary policy unchanged with a 0.25% cash rate, decision-makers showed readiness for further policy accommodation.
- Sustained break of the two-week-old falling trend line, bullish MACD favors the buyers.
AUD/JPY refreshes the intraday high to 75.71, currently around 75.62, following the RBA’s status-quo, during the early Tuesday. The pair carries its early-Asian break of a falling trend line from Friday while also stretching the run-up after crossing the downward sloping trend line from July 22.
Read: RBA: Accommodative approach will be maintained as long as it is required
Considering the market’s upbeat reaction to the RBA monetary policy meeting, coupled with the technical breakout, the quote is likely to attack 76.00 during its further rise. Though, the initial July 23 bottom surrounding 76.40 and the July month top near 76.90 could challenge the bulls afterward.
In a case where the pair manages to cross 76.90, it needs to sustain the run-up beyond 77.00 to aim for February low near 77.45.
On the contrary, the resistance-turned-supports around 75.50 and 74.90, comprising respective trend lines from July 31 and 22, will join an ascending support line from July 30, near 75.25 to challenge the quote’s immediate downside.
If at all the bears dominate past-74.90, the previous month’s bottom near 73.90 will be in the spotlight.
AUD/JPY hourly chart
Trend: Bullish
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