On Wednesday, the AUD/JPY lifted from daily lows when the Reserve Bank of New Zealand took the market by surprise, hiking rates by 50 bps to the Overnight Cash Rate . Due to its close ties with New Zealand, the Australian dollar reacted positively and edged higher against most G8 currency pairs.
Upwards, the AUD/JPY’s first resistance would be April 13 93.86 daily high. A breach of the latter might open the door towards the YTD high at 94.31, but first, AUD/JPY bulls would need to reclaim the 94.00 mark On the flip side, the AUD/JPY first support would be the April 11 daily low at 92.42. A decisive break would expose the 92.00 mark, followed by March’s 31 90.76 daily low.
Source: News Formal (newsformal.com)
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