The AUD/JPY pair continues its upward momentum, nearing 98.00 during the European session on Friday. This surge comes in the wake of dovish comments from Bank of Japan (BoJ) Governor Kazuo Ueda, who expects Japan’s monetary conditions to remain accommodative. His remarks have weighed on the Japanese Yen (JPY), thereby boosting the AUD/JPY cross.
The Japanese economy’s recent struggles, highlighted by downbeat Gross Domestic Product (GDP) data confirming a technical recession, have fueled speculation that the BoJ might delay exiting its negative interest rate policy. This has prompted investors to seek alternatives away from the safe-haven JPY.
Meanwhile, the Australian Dollar (AUD) has found support from the S&P/ASX 200 index’s improvement, following Wall Street’s overnight surge. Although the Australian economy faces challenges in the labor market and subdued inflation pressures, modest growth has been observed.
Furthermore, recent Australian employment data suggests that the Reserve Bank of Australia (RBA) may refrain from further interest rate hikes in its upcoming March meeting. Market sentiment indicates that the RBA is likely to maintain its current interest rates until August and may consider a loosening policy with a 25 basis points (bps) cut in September.
AUD/JPY: TECHNICAL LEVELS TO WATCH
OVERVIEW | |
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Today last price | 98 |
Today Daily Change | 0.18 |
Today Daily Change % | 0.18 |
Today daily open | 97.82 |
TRENDS | |
---|---|
Daily SMA20 | 97.14 |
Daily SMA50 | 96.77 |
Daily SMA100 | 96.5 |
Daily SMA200 | 95.36 |
LEVELS | |
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Previous Daily High | 97.86 |
Previous Daily Low | 97.32 |
Previous Weekly High | 97.46 |
Previous Weekly Low | 96.22 |
Previous Monthly High | 97.88 |
Previous Monthly Low | 95.84 |
Daily Fibonacci 38.2% | 97.65 |
Daily Fibonacci 61.8% | 97.52 |
Daily Pivot Point S1 | 97.47 |
Daily Pivot Point S2 | 97.13 |
Daily Pivot Point S3 | 96.93 |
Daily Pivot Point R1 | 98.01 |
Daily Pivot Point R2 | 98.2 |
Daily Pivot Point R3 | 98.55 |