AUD/JPY rallies above 92.50 amid buoyant commodities/equities as focus shifts to RBA meeting

AUD/JPY rallied above 92.50 on Monday and is now over 2.0% higher versus last Thursday’s lows.
Buoyant commodity prices and advancing equities made for a bullish mix for the pair.
Focus now turns to the upcoming RBA meeting as markets brace for a hawkish shift.

Joel Frank Independent Analyst

In a strong start to the week for AUD/JPY, the pair has risen about 0.8% and was last trading to the north of the 92.50 level, roughly 2.0% higher versus last week’s lows in the 90.70 area. Commodity prices rose nearly across the board on Monday as tensions between the West and Russia amped up in wake of a growing pile of evidence of war crimes committed by Russian forces in the areas where they have now withdrawn from in northern Ukraine. Despite this, global equities remained resilient and have even seen reasonable gains during US trade, creating the perfect conditions for the Aussie to outperform.

The announces its latest monetary policy decision during the coming Asia Pacific session. If the central bank opts for a more hawkish stance regarding its guidance on interest rates hikes (i.e. signaling they could come in the coming months), that could add to AUD/JPY tailwind by highlighting the contrast between the hawkish-turning RBA versus the still ultra-dovish BoJ. AUD/JPY bulls will be eyeing a test of last week’s highs in the 94.00 area, perhaps for sometime later this week.

AUD/Jpy

Overview
Today last price	92.61
Today Daily Change	0.76
Today Daily Change %	0.83
Today daily open	91.85

Trends
Daily SMA20	88.46
Daily SMA50	84.91
Daily SMA100	83.56
Daily SMA200	82.73

Levels
Previous Daily High	92.33
Previous Daily Low	91.04
Previous Weekly High	94.32
Previous Weekly Low	90.76
Previous Monthly High	94.32
Previous Monthly Low	83.1
Daily Fibonacci 38.2%	91.84
Daily Fibonacci 61.8%	91.53
Daily Pivot Point S1	91.15
Daily Pivot Point S2	90.45
Daily Pivot Point S3	89.86
Daily Pivot Point R1	92.44
Daily Pivot Point R2	93.03
Daily Pivot Point R3	93.73

Author

Joel Frank

Independent Analyst

Joel Frank is an economics graduate from the University of Birmingham and has worked as a full-time financial market analyst since 2018, specialising in the coverage of how developments in the global economy impact financial asset

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