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AUDJPY Looks for Support After Yen Price Increase

The AUDJPY exchange rate will look to recent data for support after the Japanese yen posted further gains. 

AUDJPY – Daily Chart

AUDJPY – Daily Chart 

The price of the AUDJPY has bounced near the 93.86 support level which goes back to mid-2024. The coming data will have to bring further buyers to hold that level after BOJ rate hike talk has boosted the yen. 

The Aussie dollar got a boost from the latest Reserve Bank meeting minutes which did not highlight further imminent cuts. In the minutes, members said the recent rate cut did not “commit them to further rate cuts”.  The RBA remains concerned about inflation even though it has dropped to 2.4% but there is also the threat of tariffs on global trade. 

Governor Bullock has said that the RBA is watching the labor market, which has been resilient and not supportive of further rate cuts. 

Wednesday morning was set to see the release of the important GDP growth number for the Australian economy, with a robust number possibly adding to yesterday’s strength. 

Bank of Japan governor Ueda was also set to release a statement around the same time. 

Traders will keep an eye on Chinese services PMI at 9:45am, with the Trump speech to Congress at 10am in a busy morning for markets. Tomorrow will bring Australian trade balance figures at 8:30am HKT.

This market commentary and analysis has been prepared for ATFX by a third party for general information purposes only. Any view expressed does not constitute a personal recommendation or solicitation to buy or sell as it does not take into account your personal circumstances or objectives, and should therefore not be interpreted as financial, investment or other advice, or relied upon as such. You should therefore seek independent advice before making any investment decisions. This information has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. We aim to establish and maintain and operate effective organisational and administrative arrangements with a view to taking all reasonable steps to prevent conflicts of interest from constituting or giving rise to a material risk of damage to the interests of our clients. The market data is derived from independent sources believed to be reliable, however we make no representation or warranty of its accuracy or completeness, and accept no responsibility for any consequence of its use by recipients. Reproduction of this information, in whole or in part, is not permitted.

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