AUD/JPY Firms Up On Reduced Expectations Of RBA Rate Cuts, Inches Higher To Near 99.90

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AUD/JPY continues to extend its gains that began on March 15, trading higher around 99.90 during the European session on Thursday. The Australian Dollar (AUD) maintained its upward trajectory supported by positive economic data from Australia, bolstering the AUD/JPY cross.

However, the Australian equity market moved back and forth but closed in positive territory, further reinforcing the AUD's gains. The ASX 200 Index experienced a surge, following a rally on Wall Street from the previous session.

In February, the seasonally adjusted Employment Change saw a significant surge to 116.5K, surpassing expectations of 40.0K and the previous figure of 15.3K. Moreover, the Unemployment Rate increased by 3.7%, below the anticipated 4.0% and the previous 4.1%.

Australia's private sector demonstrated resilience in March, extending its expansion for the second consecutive month. The preliminary Judo Bank Services PMI rose to 53.5 from the previous 53.1, indicating continued growth in the services sector. Additionally, the Composite PMI increased to 52.4 from 52.1, reflecting a broad-based expansion in services.

However, there was a decline in the Manufacturing PMI, dropping to 46.8 from the previous 47.8. This contraction suggests a slowdown in manufacturing activity during the same period, potentially influenced by various factors such as supply chain disruptions or weakening demand.

The Japanese Yen (JPY) faces losses amidst the prevailing risk-on sentiment. The Bank of Japan (BoJ) recently indicated that financial conditions would remain accommodative, refraining from guiding future policy steps or the pace of policy normalization.

Chief Cabinet Secretary Yoshimasa Hayashi of Japan stated on Thursday that he is closely monitoring foreign exchange (FX) movements with urgency. He emphasized the need to closely observe the impact on both the Japanese and global economies following the Federal Reserve's decision.

 

AUD/JPY

OVERVIEW
Today last price 99.87
Today Daily Change 0.25
Today Daily Change % 0.25
Today daily open 99.62

 

TRENDS
Daily SMA20 98.04
Daily SMA50 97.58
Daily SMA100 97.22
Daily SMA200 96.07

 

LEVELS
Previous Daily High 99.66
Previous Daily Low 98.48
Previous Weekly High 97.97
Previous Weekly Low 96.9
Previous Monthly High 99.06
Previous Monthly Low 95.5
Daily Fibonacci 38.2% 99.21
Daily Fibonacci 61.8% 98.93
Daily Pivot Point S1 98.85
Daily Pivot Point S2 98.07
Daily Pivot Point S3 97.66
Daily Pivot Point R1 100.03
Daily Pivot Point R2 100.44
Daily Pivot Point R3 101.22

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Disclosure: Information on this article contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes ...

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