#AUDJPY @ 93.2900 The peaked at a daily high of 93.45 on Thursday. (Pivot Orderbook analysis)

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• The AUD/JPY peaked at a daily high of 93.45 on Thursday.
• The Aussie continues to get traction with the hawkish stance of the RBA.
• Cautious market mood and rumours of a BoJ intervention give traction to the Yen.

The pair currently trades last at 93.2900.

The previous day high was 93.52 while the previous day low was 92.78. The daily 38.2% Fib levels comes at 93.24, expected to provide support. Similarly, the daily 61.8% fib level is at 93.07, expected to provide support.

The AUD/JPY currency pair reached a daily high of 93.45 on Thursday, reflecting the strong performance of the Australian dollar. The hawkish stance of the Reserve Bank of Australia (RBA) has been a driving force behind the Aussie’s gains. On the other hand, the Japanese yen is also finding support due to cautious market sentiment and rumours of potential interventions by the Bank of Japan (BoJ).

The Australian dollar continues to gain from the surprise interest rate hike by the Reserve Bank of Australia. Governor Lowe emphasized on Wednesday following the announcement the importance of maintaining labour market achievements but clarified that sustained inflation increases will not be tolerated. The expectation of further rate hikes supports the Australian dollar’s rise.

The JPY, on the other hand, is finding further support from the recent expectations of further interventions by the BoJ to bolster the domestic currency. Additionally, the JPY’s safe-haven appeal is benefiting from a cautious market sentiment due to concerns about a global economic slowdown, particularly in China. However, the recent weakness on Gross Domestic Product (GDP) reported on the early Asian session, fueled dovish bets on the BoJ which could limit the JPY’s upside potential.

From a technical perspective, the GBP/JPY pair currently shows a neutral to bullish outlook in the short term, although the bullish momentum appears to have paused, indicators still stand in positive territory.

In terms of resistance levels, the GBP/JPY pair faces upcoming resistance around 93.40 and above at the multi-month high of 93.50 struck on Wednesday. On the other hand, support to take into account line up at 93.00, 92.80 and 92.50.

Technical Levels: Supports and Resistances

AUDJPY currently trading at 93.25 at the time of writing. Pair opened at 93.2 and is trading with a change of 0.05 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 91.57, 50 SMA 90.45, 100 SMA @ 90.55 and 200 SMA @ 91.8.

The previous day high was 93.52 while the previous day low was 92.78. The daily 38.2% Fib levels comes at 93.24, expected to provide support. Similarly, the daily 61.8% fib level is at 93.07, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 92.81, 92.42, 92.07
• Pivot resistance is noted at 93.55, 93.91, 94.3

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