AUD/JPY Price Analysis: Sees further upside towards 50-DMA on RBA Minutes

AUD/JPY takes the bids to refresh intraday high on RBA Minutes.
Policymakers also discussed 40 bps rate hike, per the Minutes.
Clear break of the weekly falling trend line, steady RSI underpin upside momentum.
Bears need validation from the 50% Fibonacci retracement level.

Anil Panchal FXStreet

AUD/JPY extends the short-term resistance breakout following the RBA’s monetary policy meeting minutes on early Tuesday. That said, the quote refreshes the intraday high to 90.50 during the three-day rebound from a two-month low.

Read: RBA Minutes: A more hawkish consideration is putting a bid into the Aussie

Given the trend line break joining firmer comments from the RBA Minutes, buyers are ready to challenge the 50-DMA hurdle surrounding 91.10. However, the 91.00 threshold will act as an intermediate halt during the rise.

In a case where the AUD/JPY prices rise past 91.10, the odds favoring the bull’s run-up towards the monthly high around 94.00 can’t be ruled out.

Alternatively, the resistance-turned-support near 89.50 restricts the short-term pullback of the AUD/JPY.

Following that, the 50% Fibonacci retracement (Fibo.) of January-April upside, near 88.05, will precede the monthly low of 87.30 to challenge the bears.

AUD/JPY: Daily chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	90.36
Today Daily Change	0.31
Today Daily Change %	0.34%
Today daily open	90.05

Trends
Daily SMA20	91.92
Daily SMA50	90.96
Daily SMA100	86.85
Daily SMA200	84.37

Levels
Previous Daily High	90.18
Previous Daily Low	88.46
Previous Weekly High	92.41
Previous Weekly Low	87.31
Previous Monthly High	95.75
Previous Monthly Low	90.45
Daily Fibonacci 38.2%	89.52
Daily Fibonacci 61.8%	89.12
Daily Pivot Point S1	88.95
Daily Pivot Point S2	87.85
Daily Pivot Point S3	87.24
Daily Pivot Point R1	90.67
Daily Pivot Point R2	91.28
Daily Pivot Point R3	92.38

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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