Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. Information on these pages contains forward-looking statements that involve risks and uncertainties. Until dropping below the resistance-turned-support from mid-September, near 92.60 at the latest, AUD/JPY bulls remain hopeful of challenging the 100-DMA hurdle surrounding 94.25. Until then, a light calendar and cautious mood may restrict the AUD/JPY pair’s moves. Moving on, Japan’s intervention is closely eyed and can drown the quote on announcements. It should be noted that the risk-on mood, inspired by the UK’s latest U-turn on “mini-budget”, seemed to have restricted the AUD/JPY downside of late. The policymaker also added that the pace and timing would be determined by data.įurthermore, China’s zero-covid policy, delaying of the key data/events and determination to defend the might of taking control in Hong Kong and Taiwan also challenge the AUD/JPY buyers, due to the pair’s risk barometer status and ties with Beijing. On the same line, RBA Deputy Governor Guy Bullock mentioned that the board expects to increase interest rates further over the coming months.
On the other hand, Bank of Japan (BOJ) Governor Haruhiko Kuroda mentioned, “BOJ will keep close eye on fx, market moves and their impact on economy.”Įlsewhere, the RBA Meeting Minutes stated that the board weighed a range of arguments for hiking by 50 basis points, as it had for four months straight, but decided to lift the cash rate by 25 basis points to 2.6%. Recently, Japanese Prime Minister Fumio Kishida stated that he wouldn't comment on specific yen levels but govt ready to take appropriate action as needed. However, the policymakers from Japan have been trying to cover up their resistance to meddle in the market while showing readiness to do so. With the USD/JPY prices rallying to the 30-year high, markets expect Japanese intervention to defend the domestic currency. Also challenging the pair buyers is the latest Monetary Policy Meeting of the Reserve Bank of Australia (RBA) and comments from RBA Deputy Governor Guy Bullock.
AUD/JPY renews intraday low, reverses from eight-day high.
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