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AUD/JPY Topside Targets in Focus on Wait-and-See RBA, Dovish BoJ

AUD/JPY Topside Targets in Focus on Wait-and-See RBA, Dovish BoJ

David Song, Strategist

AUD/JPY appears to be making a run at the September high (79.12), with the pair at risk of stage a larger advance over the near-term as the Reserve Bank of Australia (RBA) sticks to the sidelines, while the Bank of Japan (BoJ) endorses a highly dovish outlook for monetary policy.



Beyond the BoJ’s newly enlisted ‘yield curve control’ program, Governor Haruhiko Kuroda warned ‘it may take slightly more months to reach the 2 percent inflation rate’ as the board continues to monitor the impact of the negative interest-rate policy (NIRP), and the Japanese Yen may face additional headwinds over the remainder of the year as the central bank keeps the door open to further adjust is non-standard measures. With that said, a pickup in global risk appetite may boost the appeal of AUD/JPY, and the pair may make a more meaningful attempt to threaten the bearish trend carried over from 2014 as the BoJ’s policy appears to be finally having the intended impact.

In turn, topside targets will be in focus in October, with a break of the September high (79.12) opening up the first hurdle around 79.50 (161.8% expansion) to 79.60 (50% retracement) followed by 80.10 (50% expansion) to 80.20 (50% retracement).

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--- Written by David Song, Currency Analyst

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.