AUD/JPY Price Analysis: Sentiment improvement spurred a jump towards 93.50s – by christianborjon AUDJPY Crosses Currencies Technical Analysis
US Federal Reserve Chair Jerome Powell gave the green light for lower-sized rate hikes.The AUD/JPY advanced sharply on Wednesday amid an improved market sentiment spurred by the Federal Reserve Chair. He said that it makes sense to slow the speed of rate hikes while adding the Fed has made substantial progress towards a “sufficiently restrictive policy.” Therefore, the AUD/JPY bounced off the 200-day Exponential Moving Average and rose almost 1%.
If that scenario is achieved, the next resistance would be November 16 weekly high at 94.65, followed by the November 8 swing high at 95.19. Short-term, the AUD/JPY recovered some ground, particularly on Wednesday, after hitting a weekly low of 92.14, climbing more than 100 pips. Should be noted that the cross faces solid resistance at the 200-EMA at 93.68, but as the Relative Strength Index is in bullish territory, the AUD/JPY might surpass the latter on its way toward the week’s high of 94.05.
AUD/JPY key resistance levels are at the weekly high of 94.05, followed by the R1 daily pivot at 94.19 and the R2 pivot point at 94.66. On the other hand, the AUD/JPY first support would be the 100-EMA at 93.45. A breach of the latter will expose the daily pivot at 93.37, followed by the 50-EMA at 93.14, ahead of the 93.00 figure.
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