AUD/JPY’s decline continues in the present day after RBA delivered the 50bps fee hike as anticipated, and turned a bit cautious concerning the coverage normalization path forward. After all, Yen’s persistent, broad-based rally elsewhere is an element urgent the cross.
With 91.41 assist taken out, rapid focus is now on 100% projection of 96.86 to 91.41 from 95.68 at 90.23. Agency break there will likely be an indication of draw back acceleration. That might additionally elevate that probability that it’s already in correction to the medium time period up pattern. On this bearish case, present decline ought to goal subsequent assist zone between 95.78 and 87.28 subsequent.
However, above 92.27 minor resistance will point out stabilization first, earlier than taking the subsequent transfer.