The AUDJPY currency pair is currently at 94.2430, but has decreased to around 94.20. This decrease is a result of the Reserve Bank of Australia (RBA) deciding to keep the interest rate at 4.10%.

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• AUD/JPY trades lower around 94.20 amid RBA maintains interest rate at 4.10%

The pair currently trades last at 94.2430.

The previous day high was 94.72 while the previous day low was 94.2. The daily 38.2% Fib levels comes at 94.52, expected to provide resistance. Similarly, the daily 61.8% fib level is at 94.4, expected to provide resistance.

AUD/JPY traces back to the previous day’s gains, trading lower around 94.20 during the Asian session on Tuesday. The cross is experiencing downward pressure as the Reserve Bank of Australia (RBA) keeps the interest rate unchanged as expected. The RBA maintains the key policy rate at 4.10% as inflation seems to be stabilizing.

Additionally, the downbeat China’s economic data weighed on the Australian Dollar (AUD). Caixin Services PMI (Aug) reduced to 51.8 figure from 54.1 prior.

The spotlight will be on the Reserve Bank of Australia (RBA) Statement, which could provide insights into future rate hikes, potentially supporting the Australian Dollar (AUD). Traders will likely monitor the release of Australia’s Gross Domestic Product (GDP) for the second quarter, scheduled for Wednesday. The quarterly growth figure is expected to increase by 0.3%.

Japan’s disappointing Household spending (YoY) data for July, which was revealed on Monday, could be providing support to undermine the Japanese Yen (JPY). The data showed the worst drop since February, 2021, with the actual reading printed at -5.0%, notably worse than the anticipated -2.5%. June’s figure was -4.2%.

The Bank of Japan (BOJ) is continuing to uphold its accommodative monetary policy. BOJ Board member Toyoaki Nakamura mentioned last week that policymakers require additional time to shift towards monetary tightening. Given this situation, the disparity in monetary policy between Australia and Japan could limit the downside potential of the AUD/JPY cross for the foreseeable future.

Technical Levels: Supports and Resistances

AUDJPY currently trading at 94.28 at the time of writing. Pair opened at 94.65 and is trading with a change of -0.39 % .

The pair is trading above its 20 Daily moving average @ 94.03, below its 50 Daily moving average @ 94.56 , above its 100 Daily moving average @ 93.37 and above its 200 Daily moving average @ 91.93

The previous day high was 94.72 while the previous day low was 94.2. The daily 38.2% Fib levels comes at 94.52, expected to provide resistance. Similarly, the daily 61.8% fib level is at 94.4, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 94.32, 94.0, 93.8
• Pivot resistance is noted at 94.85, 95.05, 95.37

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