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AUD/JPY steeply off recent highs after rumored BoJ FX intervention, trading south of 94.00

  • The AUD/NZD is steeply off near-term highs after a rumored BNoJ FX market intervention.
  • The Aussie is down over 3% against the Yen from Friday's peak of 96.94.
  • The RBA stood pat on rates this week, Australian Trade Balance data due Thursday.

The AUD/JPY is down 145 pips for Tuesday, rounding the corner into the Wednesday market session after getting knocked lower on the back of an as-yet- unconfirmed FX market intervention by the Bank of Japan (BoJ) to defend the Japanese Yen (JPY).

No official statement from the BoJ has been forthcoming yet, but the AUD/JPY declined over 137 pips inside sixty seconds peak-to-trough during Tuesday's Asia market session, and the pair has traded flatly near the 94.00 handle after recovering over 50% of the initial one-minute move.

Forex Today: Yen wakes up as the Dollar remains robust, RBNZ next

The Reserve Bank of Australia (RBA) held rates steady at 4.1% as markets broadly expected, and new RBA Governor Michele Bullock is in no rush to buck the trend on the RBA's wait-and-see policy playbook.

RBA keeps interest rate steady at 4.10% for fourth straight meeting

RBA appears content sitting it out on the sidelines – TDS

Thursday will bring Australian Trade Balance figures, with the month-over-month number for August expected to improve from 8,039M to 8,725M.

AUD/JPY technical outlook

The AUD?JPY has been knocked well back from Friday's peak, trading below the 100-day Simple Moving Average (SMA) and set for a challenge of the flat-lining 200-day SMA if bullish momentum continues.

Despite the unconfirmed BoJ Yen intervention and a rapid twist to technical indicators, the AUD/JPY remains constrained in familiar territory, with the pair consolidating between 93.00 and 96.00.

AUD/JPY daily chart

AUD/JPY technical levels

AUD/JPY

Overview
Today last price93.96
Today Daily Change-1.40
Today Daily Change %-1.47
Today daily open95.36
 
Trends
Daily SMA2095.01
Daily SMA5094.46
Daily SMA10094.32
Daily SMA20092.29
 
Levels
Previous Daily High96.42
Previous Daily Low95.28
Previous Weekly High96.92
Previous Weekly Low94.72
Previous Monthly High96.92
Previous Monthly Low93.59
Daily Fibonacci 38.2%95.71
Daily Fibonacci 61.8%95.98
Daily Pivot Point S194.95
Daily Pivot Point S294.55
Daily Pivot Point S393.81
Daily Pivot Point R196.09
Daily Pivot Point R296.82
Daily Pivot Point R397.23

Author

Joshua Gibson

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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