18 Aug 2015
AUD/JPY: catching some early demand ahead of RBA minutes
FXStreet (Guatemala) - AUD/JPY is currently trading at 91.70 with a high of 91.77 and a low of 91.66.
AUD/JPY has popped higher with the Aussie catching some early demand ahead of the RBA minutes. AUD/JPY has otherwise been treading water within the 5 week sideways channel between 89.20 and the 92.40's. The cross was sold-off at the end of July from above 95.20, extending losses from the 96 handle in late June. 89.40 has offered continued and strong support and we are contained by resistance on the 92 handle with a dominant theme of a soft Aussie.
However, there has been some short covering in the Aussie taking place over the last number of sessions, and since the RBA's decision to leave policy on hold, coupled with a shift in language around the price of the Aussie. Stevens said that the price of the Aussie was adjusting to the significant declines in the key commodity prices and markets will be looking for further elaboration on the RBA's position on the currency in the RBA's minutes coming up in the hour.
AUD/JPY has popped higher with the Aussie catching some early demand ahead of the RBA minutes. AUD/JPY has otherwise been treading water within the 5 week sideways channel between 89.20 and the 92.40's. The cross was sold-off at the end of July from above 95.20, extending losses from the 96 handle in late June. 89.40 has offered continued and strong support and we are contained by resistance on the 92 handle with a dominant theme of a soft Aussie.
However, there has been some short covering in the Aussie taking place over the last number of sessions, and since the RBA's decision to leave policy on hold, coupled with a shift in language around the price of the Aussie. Stevens said that the price of the Aussie was adjusting to the significant declines in the key commodity prices and markets will be looking for further elaboration on the RBA's position on the currency in the RBA's minutes coming up in the hour.