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AUD/JPY keeps bullish tone

FXStreet (Bali) - AUD/JPY remains a threat to the bears as we tease around the mid point of the 95 handle while markets still hold hopes for continued robust Australian economy.

Jane Foley, Senior Currency Strategist at Rabobank explained on a note to clients that in its latest Statement of Monetary Policy, the RBA states that “labour market conditions have improved a little, but overall conditions remain subdued”.

Foley adds: "Throughout this year the prospects for the Australian economy have been marred both by oscillating concerns about Chinese economic growth and by weak domestic investment data”.

With spot trading at 95.48, we can see next resistance ahead at 95.53 (Daily High), 95.57 (Daily Classic R1), 95.69 (Weekly Classic R1) and 95.85 (Daily Classic R2). Support below can be found at 95.44 (Daily Low), 95.43 (Hourly 20 EMA), 95.34 (Daily 100 SMA) and 95.30 (Weekly High).

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