AUD/JPY cleared the February high (93.05) as the Reserve Bank of Australia (RBA) delivered a 25bp rate hike, and the exchange rate may attempt to test the December 2022 high (93.80) as it initiates a series of higher highs and lows.
AUD/JPY Rate Outlook
AUD/JPY appears to have reversed course ahead of the 50-Day SMA (90.45) as it registers a fresh yearly high (93.53), with a move above the December 2022 high (93.80) opening up the 93.90 (61.8% Fibonacci retracement) to 94.40 (23.6% Fibonacci retracement) region.
Next area of interest comes in around the November 2022 high (95.56), and looming developments in the Relative Strength Index (RSI) may show the bullish momentum gathering pace as the oscillator sits at its highest level for 2023.
A move above 70 in the RSI may accompany a further advance in AUD/JPY like the price action from last year, but failure to break/close above the 93.90 (61.8% Fibonacci retracement) to 94.40 (23.6% Fibonacci retracement) region may keep the oscillator out of overbought territory.
Need a break/close below 91.70 (38.2% Fibonacci retracement) to bring the moving average back on the radar, with the next area of interest coming in around 89.60 (50% Fibonacci retracement) to 90.30 (23.6% Fibonacci extension).
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