FxWirePro: AUD/JPY trades rangebound, Aussie muted after RBA stays pat
AUD/JPY chart - Trading View
AUD/JPY was trading largely rangebound at 74.77 at around 06:25 GMT, outlook remains bullish.
The Reserve Bank of Australia (RBA) made no changes to its monetary policy settings once again, with the official cash rate (OCR) maintained a record low of 0.25%, as widely expected.
“The board decided to maintain the current policy settings, including the targets for the cash rate and the yield on 3-year Australian government bonds of 25 basis points,” the statement read.
Australian dollar showed little reaction across the board. AUD/JPY trades rangebound, but set to resume upside on bullish technical bias.
Analysis of GMMA indicator shows major and minor trend are bullish. Price action is above cloud and major moving averages.
The pair is trading in 'Rising Triangle' pattern and resumption of upside will see test of Triangle Top at 76.80.
On the flipside, 21-EMA is strong support at 73.94. Break below will see dip till 200-DMA. Violation at 200-DMA negates bullish bias.
Major Support - 73.94 (21-EMA)
Major Resistance - 75.62 (110W EMA)