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11 Mar 2014
AUD/JPY holds above 92.90/93.00 support
FXStreet (Bali) - AUD/JPY is trading little changed from the pre-BoJ decision, currently around 93.30.
BoJ a non-event
The monetary policy decision by the BoJ was a non/event as the central bank decided to stay pat, unlike last month, when an extension of its loan scheme to banks was approved, causing an initial sharp selling reaction on the Japanese Yen.
AUD/JPY outlook
The pair has been trading on a strong bullish under-tone ever since the first Ukraine headlines emerged last week, however, the level above 94.00 continues to be a seller's strong-hold, with price having rejected consistently since June 2013.
Should the upside pressure intensify again, expect the 94.00 area up to 94.50 to present an enormous challenge for bulls, while on the downside, 92.90 is immediate support. Traders should not the next big drivers for the pair will be risk on/off headlines ahead of Australia's employment report on Thursday.
BoJ a non-event
The monetary policy decision by the BoJ was a non/event as the central bank decided to stay pat, unlike last month, when an extension of its loan scheme to banks was approved, causing an initial sharp selling reaction on the Japanese Yen.
AUD/JPY outlook
The pair has been trading on a strong bullish under-tone ever since the first Ukraine headlines emerged last week, however, the level above 94.00 continues to be a seller's strong-hold, with price having rejected consistently since June 2013.
Should the upside pressure intensify again, expect the 94.00 area up to 94.50 to present an enormous challenge for bulls, while on the downside, 92.90 is immediate support. Traders should not the next big drivers for the pair will be risk on/off headlines ahead of Australia's employment report on Thursday.