AUD/JPY Price Analysis: Remains confined near 95.00 following RBA Meeting Minutes

AUD/JPY trades sideways near 94.98 following the RBA Meeting Minutes.
The cross holds above the 50- and 100-hour EMAs; Relative Strength Index (RSI) stands in the bullish territory.
The immediate resistance level emerges at 95.48; the initial support level is seen at 94.72.

Lallalit Srijandorn FXStreet

The AUD/JPY cross remains confined around 94.95-95.20 in a narrow trading band during the Asian trading hours on Tuesday. The cross currently trades near 94.98, losing 0.03% on the day.

On Tuesday, the release of the Minutes from the Reserve Bank of Australia's (RBA) September monetary policy meeting revealed that additional tightening may be necessary if inflation proves more persistent than anticipated. However, the case for maintaining the status quo was stronger, and recent data have not materially altered the economic outlook.

According to the four-hour chart, the path of least resistance for the AUD/JPY is to the upside as the cross holds above the 50- and 100-hour Exponential Moving Averages (EMAs). Meanwhile, the Relative Strength Index (RSI) holds above 50 in the bullish territory, which supports the buyers for now.

Looking at the upside, the immediate resistance level for AUD/JPY emerges near the upper boundary of the Bollinger Band at 95.48. Any follow-through buying above the latter will see a rally to 95.78 (a high of July 21), followed by a high of July 4 at 96.85. The next barrier to watch is a Year-To-Date (YTD) high of 97.62. en route to 98.00 (a psychological round mark).

On the flip side, the cross will meet the initial support level near the 50-day EMA at 94.72. The next downside filter appears at 94.65 (the lower limit of the Bollinger Band) en route to 94.50 (the 100-hour EMA). A break below the latter will see a drop to a psychological round figure at 94.00.

AUD/JPY four-hour chart

AUD/JPY

Overview
Today last price	95
Today Daily Change	-0.02
Today Daily Change %	-0.02
Today daily open	95.02

Trends
Daily SMA20	94.35
Daily SMA50	94.31
Daily SMA100	93.85
Daily SMA200	92.04

Levels
Previous Daily High	95.26
Previous Daily Low	94.79
Previous Weekly High	95.55
Previous Weekly Low	93.65
Previous Monthly High	95.81
Previous Monthly Low	92.79
Daily Fibonacci 38.2%	94.97
Daily Fibonacci 61.8%	95.08
Daily Pivot Point S1	94.79
Daily Pivot Point S2	94.55
Daily Pivot Point S3	94.32
Daily Pivot Point R1	95.25
Daily Pivot Point R2	95.49
Daily Pivot Point R3	95.72

Author

Lallalit Srijandorn

FXStreet

Lallalit Srijandorn is a Parisian at heart. She has lived in France since 2019 and now becomes a digital entrepreneur based in Paris and Bangkok.

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