AUD/JPY clears opening range for April
AUD/JPY clears the opening range for April to register a fresh monthly high (90.52), and the exchange rate may continue to retrace the decline from the March high (92.25) as it carves a series of higher highs and lows.
AUD/JPY Rate Outlook
AUD/JPY holds above the 50-Day SMA (90.00) as there appears to be an improvement in risk appetite, with the S&P 500 index trading in a similar fashion as it registers a fresh monthly high (4177).
In turn, the correlation coefficient has moved to a more significant reading of +0.79, and swings in carry trade interest may continue to sway AUD/JPY as major central banks appears to be at or nearing the end of their hiking cycle.
Need a close above 90.30 (23.6% Fibonacci extension) to raise the scope for a move towards 91.70 (38.2% Fibonacci retracement), with the next area of interest coming in around the March high (92.25).
At the same time, lack of momentum to close above 90.30 (23.6% Fibonacci extension) may push AUD/JPY back below the 50-Day SMA (90.00), with a break/close below 89.60 (50% Fibonacci retracement) bringing the 88.60 (38.2% Fibonacci extension) region back on the radar.
--- Written by David Song, Strategist
DavidJSong
AUD/JPY Rate Outlook
AUD/JPY holds above the 50-Day SMA (90.00) as there appears to be an improvement in risk appetite, with the S&P 500 index trading in a similar fashion as it registers a fresh monthly high (4177).
In turn, the correlation coefficient has moved to a more significant reading of +0.79, and swings in carry trade interest may continue to sway AUD/JPY as major central banks appears to be at or nearing the end of their hiking cycle.
Need a close above 90.30 (23.6% Fibonacci extension) to raise the scope for a move towards 91.70 (38.2% Fibonacci retracement), with the next area of interest coming in around the March high (92.25).
At the same time, lack of momentum to close above 90.30 (23.6% Fibonacci extension) may push AUD/JPY back below the 50-Day SMA (90.00), with a break/close below 89.60 (50% Fibonacci retracement) bringing the 88.60 (38.2% Fibonacci extension) region back on the radar.
--- Written by David Song, Strategist
DavidJSong
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