The AUD/JPY pair remains steady around 101.05 during the early European session on Thursday, trading within a narrow range as market participants await speeches from Bank of Japan (BoJ) Governor Kazuo Ueda and Reserve Bank of Australia (RBA) Governor Michele Bullock. These remarks could provide clarity on inflation trajectories and monetary policy outlooks in both economies.
Technical Overview
The daily chart suggests that the AUD/JPY cross is maintaining a bullish bias above the 100-day Exponential Moving Average (EMA), indicating strong support near current levels. However, with the 14-day Relative Strength Index (RSI) hovering near the midline, momentum appears neutral, pointing to potential consolidation in the short term.
Key Levels to Watch
Resistance Levels:
101.80: Immediate resistance marked by the upper boundary of the Bollinger Band.
102.40: November 7 high, a key milestone for further bullish momentum.
103.36: July 23 low, serving as a critical upside filter.
Support Levels:
100.00: Psychological support that remains pivotal.
99.42: November 15 low, with a breach opening the door to deeper losses.
98.03: September 27 low, the next significant downside target.
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