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IPC Index — Mexico Market- AUD/JPY falls to near 99.55 in Tuesday’s early European session, down 0.60% on the day.
- The cross keeps the bullish view in the longer term, further upside looks favorable with the bullish RSI indicator.
- The crucial upside barrier is seen at 100.00; the first downside target is located at 98.54.
The AUD/JPY cross slumps to around 99.55 during the early European session on Tuesday. The Japanese Yen (JPY) edges higher against the Australian Dollar (AUD) after US President Donald Trump and Japan’s Prime Minister Sanae Takaichi on Tuesday signed a framework for securing the supply of critical minerals and rare earths.
The Australian Consumer Price Index (CPI) inflation data will be released later on Wednesday. All eyes will be on the Bank of Japan (BoJ) interest rate decision on Thursday. The BoJ is broadly expected to hold its interest rate steady at 0.5% at its upcoming policy meeting. Traders will closely monitor the guidance from BoJ Governor Kazuo Ueda following the meeting for fresh impetus.
Technically, the constructive view of AUD/JPY remains in place as the cross is well-supported above the key 100-day Exponential Moving Average (EMA) on the daily chart. The upward momentum is supported by the 14-day Relative Strength Index (RSI), which stands above the midline near 57.50. This suggests bullish momentum in the near term.
On the bright side, the key resistance level for the cross emerges at the 100.00 psychological level. Any follow-through buying above this level could aim for the upper boundary of the Bollinger Band of 100.90 and possibly retest the high of November 8, 2024, at 102.30.
On the downside, the initial support level for AUD/JPY is located at 98.54, the low of October 23. More bearish candlesticks below the mentioned level could pull the cross back toward 97.25, the low of October 16. The crucial contention level to watch is 96.90, the 100-day EMA.
AUD/JPY daily chart
