• AUD/ JPY slipped below 97.00 level on Thursday as growing BOJ rate-hike hopes boosted Japanese yen .
• Bank of Japan Governor Kazuo Ueda stated on Thursday that the central bank will consider raising interest rates next week, based on updated growth and inflation forecasts.
•Ueda also highlighted that the new U.S. administration's policy and domestic wage negotiations with unions are key factors in the decision.
• The BOJ said last week wage hikes were spreading to firms of all sizes and sectors, signalling conditions for a near-term hike were continuing to fall into place..
•The technical outlook remains bearish and points to eventual bigger gains, fourteen-day momentum is negivtive, reinforcing the scope for a bigger drop.
• Immediate resistance is located at 97.12( 38.2% fib), any close above will push the pair towards 97.89 (50% fib).
• Immediate support is seen at 96.56 ( Daily low)and break below could take the pair towards 95.83 (23.6% fib).
Recommendation: Good to sell around 96.80, with stop loss of 98.00 and target price of 96.00


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