AUD/JPY justifies risk-barometer status at yearly high above 94.00 amid Australia holiday, BoJ eyed – by anilpanchal7 AUDJPY RiskAversion BOJ RBA Crosses
Even if the pre-data anxiety and the King’s Birthday in Australia limit the cross-currency pair’s momentum, the bulls keep the reins at the highest levels since late November 2022, marked the previous day, amid divergence of the monetary policy bias surrounding the Reserve Bank of Australia and the Bank of Japan . Furthermore, downbeat Japan inflation clues and the BoJ officials’ dovish comments also keep the pair buyers hopeful. for May dropped for the fifth consecutive month to 5.
On the other hand, BoJ Deputy Governor Masazumi Wakatabe rules out any change in the BoJ monetary policy during this week’s meeting as he said, “Don't expect a change from BOJ at this week's meeting.” It’s worth noting that the Reserve Bank of Australia’s surprise rate hike joined the firmer China Caixin Services PMI to underpin the bullish bias about the AUD/JPY pair. Additionally, dovish comments from BoJ Governor KazuoHowever, the market’s lack of conviction ahead of the top-tier data/events joins the mixed signals from China to challenge the AUD/JPY pair’s upside.
Looking ahead, AUD/JPY pair may witness a lackluster day amid the Aussie holiday. However, Thursday’s Australia jobs report and Friday’s BoJ monetary policy announcements are the keys for the pair traders to watch. Given the dovish bias from the BoJ and expectations of upbeat Aussie data, as well as the recent hawkish surprise from the RBA, the quote may remain firmer.The overbought RSI line joins multiple hurdles marked during late November 2022, around 94.
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