Market news
09.04.2024, 08:24

AUD/JPY climbs to near 100.30 amid expected intervention by Japanese authorities

  • AUD/JPY extends its winning streak due to the persistent interest rate differential between Australia and Japan.
  • There is uncertainty regarding the necessity for the RBA to implement rate cuts in 2024.
  • BoJ’s Ueda shared his expectations of a gradual acceleration in the inflation trend.

The AUD/JPY pair continues its winning streak that began on April 4, climbing to near 100.30 during the European session on Tuesday. The Japanese Yen (JPY) remains subdued as the Bank of Japan (BoJ) adopts a cautious approach amidst an uncertain outlook for future rate hikes.

The AUD/JPY pair may receive upward support due to the persistent gap between Australian and Japanese interest rates. Investors are increasingly skeptical about the need for the Reserve Bank of Australia (RBA) to implement interest rate cuts in 2024, particularly following positive US data, which has raised expectations that the Federal Reserve (Fed) might maintain its higher interest rate stance for a longer period.

However, investors remain vigilant amid the possibility of Japanese authorities intervening in the market to prevent a destabilizing decline in the domestic currency. Bank of Japan (BoJ) Governor Kazuo Ueda continues to address inflation and policy outlook, with expectations of a gradual acceleration in the inflation trend. Therefore, it is crucial to monitor data and information to assess whether this scenario materializes.

Governor Ueda also emphasized that one of the factors to monitor is whether pay hikes offered in annual wage talks will materialize, as reflected in actual data. Another factor is whether service prices will increase, reflecting higher wages. If the inflation trend accelerates towards the 2% target, it may become possible to reduce the degree of monetary stimulus somewhat.

Meanwhile, the Australian Dollar (AUD) continues to advance against the Japanese Yen, despite the subdued Westpac Consumer Confidence data released on Tuesday. The AUD is bolstered by a stronger domestic equity market, with the ASX 200 Index poised for gains as investor attention remains focused on the Reserve Bank of Australia’s (RBA) interest rate decisions.

AUD/JPY

Overview
Today last price 100.32
Today Daily Change 0.04
Today Daily Change % 0.04
Today daily open 100.28
 
Trends
Daily SMA20 98.78
Daily SMA50 98.07
Daily SMA100 97.48
Daily SMA200 96.25
 
Levels
Previous Daily High 100.32
Previous Daily Low 99.52
Previous Weekly High 100.4
Previous Weekly Low 98.26
Previous Monthly High 100.17
Previous Monthly Low 96.9
Daily Fibonacci 38.2% 100.01
Daily Fibonacci 61.8% 99.82
Daily Pivot Point S1 99.76
Daily Pivot Point S2 99.23
Daily Pivot Point S3 98.95
Daily Pivot Point R1 100.56
Daily Pivot Point R2 100.85
Daily Pivot Point R3 101.37

 

 

© 2000-2024. All rights reserved.

This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).

The information on this website is for informational purposes only and does not constitute any investment advice.

The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.

AML Website Summary

Risk Disclosure

Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.

Privacy Policy

Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.

Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.

Bank
transfers
Feedback
Live Chat E-mail
Up
Choose your language / location