AUD/JPY – Restricted to hourly 50-MA & hourly 100-MA range

The AUD/JPY cross appears stuck in the range of hourly 50-MA & hourly 100-MA in last 24 hours, leaving the hourly RSI flat lined around 50.00 levels.

The cross was last seen trading around 78.80. The hourly 50-MA and hourly 100-MA were seen at 78.74 and 79.00 levels. Moreover, the broad based USD selling has helped both JPY and AUD score gains against the greenback.

Focus on BOJ

The focus is on the Bank of Japan (BOJ) rate decision due tomorrow. Markets expect BOJ to cut rates and expand its asset purchase program. It remains to be seen if the fresh stimulus is well received by the markets.

AUD/JPY Technical Levels

An hourly close below 78.74 (hourly 50-MA) would signal a bearish break from 24-hour long trading range and open doors for a slide to 78.40 (50-DMA). On the other hand, a break above 79.00 (zero figure + hourly 100-MA) could yield a rally to 79.42 (76.4% of Brexit day high-low).