- AUD/JPY prints mild losses while stepping back from two-week-old horizontal resistance.
- Bearish MACD, downbeat market sentiment backs further weakness ahead of the key event.
- RBA is likely to keep the benchmark rate, bond purchase unchanged but Rate Statement will be the key to watch.
AUD/JPY bounces off intraday low while picking up bids to 84.60, down 0.05% on a day, during early Tuesday. Even so, the quote registers another failure to cross the horizontal hurdle established since April 20.
Not only the nearby resistance area close to 84.75-70 but the market’s risk-off mood and cautious sentiment ahead of the Reserve Bank of Australia’s (RBA) monetary policy meeting also weigh on the quote.
Given the bearish MACD and the latest pullback moves, AUD/JPY is more likely to retest an ascending support line from April 22, around 84.40, should the RBA disappoint markets.
However, any further weakness past-84.20 will be challenged by the 200-SMA level of 83.90.
On the flip side, optimistic comments from the RBA could again help AUD/JPY to battle the 84.70-75 immediate resistance area.
It should be noted that a clear rise beyond 84.75 will propel the quote to the previous month’s high near the 85.00 threshold ahead of targeting March’s high near 85.45.
AUD/JPY four-hour chart
Trend: Further weakness expected
Additional important levels
|Today last price||84.6|
|Today Daily Change||-0.04|
|Today Daily Change %||-0.05%|
|Today daily open||84.64|
|Previous Daily High||84.75|
|Previous Daily Low||84.24|
|Previous Weekly High||85.01|
|Previous Weekly Low||83.5|
|Previous Monthly High||85.01|
|Previous Monthly Low||83.04|
|Daily Fibonacci 38.2%||84.56|
|Daily Fibonacci 61.8%||84.44|
|Daily Pivot Point S1||84.34|
|Daily Pivot Point S2||84.04|
|Daily Pivot Point S3||83.83|
|Daily Pivot Point R1||84.84|
|Daily Pivot Point R2||85.05|
|Daily Pivot Point R3||85.35|
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