AUD/JPY steady ahead of RBA post big pips rally

FXStreet (Guatemala) - AUD/JPY is trading at 95.59, up 0.01% on the day, having posted a daily high at 95.63 and low at 95.51.

AUD/JPY has held the support post the spike seen yesterday that took the pair from 95.20 region up to 95.60. The pair is now finding it’s feet again here ahead of the RBA coming up later today. While markets are expecting the RBA to hold, the rhetoric would then become key and whether of not the Central Bank will be giving us more to work from in respect to their outlook and forward guidance or any material shift there for the economy and long term risk in respect of a slow recovery and jobs growth. Will they be forced to take a tougher stance in respect of the strength of the AUD with any verbal intervention? Meanwhile, a bearish formation on the pair below 96.00 remains overall and would be personified based upon on bearish and or dovish rhetoric from the RBA.

AUD/JPY Levels

With spot trading at 95.59, we can see next resistance ahead at 95.59 (Daily Classic PP), 95.63 (Daily High), 95.66 (Yesterday's High), 95.71 (Hourly 200 SMA) and 95.76 (Weekly Classic PP). Support below can be found at 95.58 (Daily Open), 95.58 (Daily 20 SMA), 95.56 (Hourly 100 SMA), 95.53 (Weekly Low) and 95.51 (Daily Low).