#AUDJPY @ 93.1290 sees a sharp rally, buoyed by RBA’s surprise rate hike to 4.10%; the pair trades flat above 93.00. (Pivot Orderbook analysis)

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• AUD/JPY sees a sharp rally, buoyed by RBA’s surprise rate hike to 4.10%; the pair trades flat above 93.00.
• The technical analysis projects a bullish bias, with key resistance at the December 19 high of 93.35.
• Risk aversion could trigger pullback, with initial support found at the May 19 high of 92.35.

The pair currently trades last at 93.1290.

The previous day high was 92.66 while the previous day low was 92.14. The daily 38.2% Fib levels comes at 92.34, expected to provide support. Similarly, the daily 61.8% fib level is at 92.46, expected to provide support.

AUD/JPY rallied sharply on Tuesday after the Reserve Bank of Australia (RBA) surprisingly raised rates by 25 bps, lifting the cash rate to 4.10%. Therefore, the AUD/JPY jumped from 92.30, toward 93.14, before retracing some of those gains, but buyers moving in, lifted the AUD/JPY toward the current spot price. At the time of writing, the AUD/JPY is trading at 93.14, flat as the Asian session begins.

After rallying sharply, the AUD/JPY remains upward biased, as it sits above the Ichimoku Cloud and the Chikou Span. Additionally, the Tenkan-Sen line is above the Kijun-Sen line, each at 91.76 and 91.21, respectively, another bullish signal. Nevertheless, the nature of the cross-currency pair indicates that its subject-to-market sentiment swings, which could shift the pair’s direction.

The Relative Strength Index (RSI) indicator and the 3-day Rate of Change (RoC) further cement the bias, as the RSI sits in bullish territory, while the RoC indicates buyers remain in charge.

Therefore, the AUD/JPY first resistance would be the December 19 high at 93.35. A breach of the latter will expose a top-trendline of an ascending channel at around 93.70/85 before challenging the 94.00 figure.

In the event of risk aversion, the AUD/JPY pair may be subject to a pullback, and the first support would be the May 19 high at 92.35 before diving to the 92.00 figure. Once cleared, the next support would be the Tenkan-Sen line at 91.76, ahead of sliding toward the Kijun-Sen line at 91.21.

Technical Levels: Supports and Resistances

AUDJPY currently trading at 93.12 at the time of writing. Pair opened at 92.37 and is trading with a change of 0.81 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 91.37, 50 SMA 90.25, 100 SMA @ 90.48 and 200 SMA @ 91.82.

The previous day high was 92.66 while the previous day low was 92.14. The daily 38.2% Fib levels comes at 92.34, expected to provide support. Similarly, the daily 61.8% fib level is at 92.46, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 92.12, 91.86, 91.59
• Pivot resistance is noted at 92.64, 92.91, 93.17

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