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Market News AUD/JPY Price Analysis: Advances Sharply But Remains Below 96.00

AUD/JPY Price Analysis: Advances Sharply But Remains Below 96.00

By reclaiming the Kumo's low, AUD/JPY created an opportunity for a bullish reversal. Above the 96.00 level, additional upside is anticipated, with key resistance located at a confluence near 96.14. A decline below the Kumo would enable the examination of 93.00.

TOP1 Markets Analyst
2023-12-19
9583

 AUD:JPY 2.png

 

On Monday, the AUD/JPY recorded substantial gains of 0.55%, capitalizing on the lack of demand for safe-haven assets as speculators anticipate rate cuts by central banks within the coming year. However, the sole anomaly is the Bank of Japan (BoJ), which is anticipated to maintain current interest rates on Tuesday. As the Asian trading session on Tuesday commences, the pair is trading at 95.72, essentially unchanged, at the time of writing.

 

Despite Governor Kazuo Ueda's indication that negative interest rates would eventually cease, the BoJ is anticipated to maintain rates below zero. This disruption rocked the boat and caused the majority of Japanese Yen (JPY) crosses to plummet, as the JPY appreciated abruptly against the majority of G7 currencies.

 

The AUD/JPY pair has regained ground in light of the underlying fundamentals, having breached the bottom of the Ichimoku Cloud (Kumo), a zone of resistance near 95.32, thereby creating an opportunity to challenge the 96.00 level. At 96.14, a distinct rupture could facilitate progress towards the intersection of the Kijun-Sen and the Senkou Span B. After clearance, additional upside is anticipated, with the November 21 low of 96.82 and the figure 97.00 following suit.

 

However, purchasers were weak, and the pair experienced a slight retracement towards the low of the Kumo. A second failure, however, at approximately 96.00, could enable the stock to fall below the Kumo and extend its losses to the most recent cycle low of 93.70.

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