AUDJPY inclines towards 94.00 ahead of RBA policy minutes

AUDJPY is inching higher towards 94.00 as the focus has shifted to Tuesday’s RBA policy minutes.
RBA minutes will provide a detailed explanation behind keeping the pace of the rate hike at 25 bps.
Japan’s Kanda reiterated that officials are closely watching forex moves with a high sense of urgency.

Sagar Dua FXStreet

The AUDJPY pair has extended its recovery after overstepping the immediate hurdle of 93.50 in the Tokyo session. The risk barometer is now marching towards the round-level hurdle of 94.00 as volatility has been trimmed amid a stellar recovery in the S&P500. Also, US Treasury yields have witnessed a bloodbath after a significant drop in inflation numbers.

Earlier, the cross found fresh demand near 93.00 after remaining in a negative trajectory for the past two trading sessions. The asset has picked bids as investors are shifting their focus toward the Reserve Bank of Australia (RBA)’s monetary policy minutes.

The RBA minutes will display the entire reasoning behind the announcement of the interest rate hike by 25 basis points (bps) despite a historic surge in inflationary pressures. For the third quarter, Australia’s inflation rate climbed to 7.3% vs. the projections of 7.0% and the prior release of 6.1%.

RBA Governor Philip Lowe was expected to return to a 50 bps hike regime for the Official Cash Rate (OCR). It seems that the RBA wants to capitalize on its frequent monetary policy meetings by announcing smaller rate hikes.

Meanwhile, Japan's top currency diplomat Masato Kanda reiterated that officials are closely watching forex market moves with a high sense of urgency and that if needed. ''Authorities remained ready to take action.'', reported Reuters.

On the economic data front, investors are awaiting the release of Tuesday’s Gross Domestic Product (GDP) report. The economic data is seen lower at 0.3% vs. the prior release of 0.9% on a quarterly basis while the annualized figure may decline to 1.1% from the former release of 3.5%.

AUD/JPY

Overview
Today last price	93.65
Today Daily Change	0.21
Today Daily Change %	0.22
Today daily open	93.44

Trends
Daily SMA20	94.22
Daily SMA50	94.54
Daily SMA100	94.25
Daily SMA200	92.01

Levels
Previous Daily High	94.38
Previous Daily Low	92.94
Previous Weekly High	95.56
Previous Weekly Low	92.96
Previous Monthly High	95.75
Previous Monthly Low	90.84
Daily Fibonacci 38.2%	93.49
Daily Fibonacci 61.8%	93.83
Daily Pivot Point S1	92.8
Daily Pivot Point S2	92.15
Daily Pivot Point S3	91.36
Daily Pivot Point R1	94.23
Daily Pivot Point R2	95.02
Daily Pivot Point R3	95.67

Author

Sagar Dua

FXStreet

Sagar Dua is associated with the financial markets from his college days. Along with pursuing post-graduation in Commerce in 2014, he started his markets training with chart analysis.

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