AUD/JPY Bullish for Three Days Straight Around 92.50 Due to Strong Australian Data, Conservative Optimism

Updated:

AUD/JPY remains ahead of the 92.50 price level around the 92.55 price level, continuing its two-day straight rallying as it breaks important marks.

Positive Australian data and slight positive market feeling justified what we now observed in the market. Nevertheless, before-Fed trading appeases and Vacations in Japan restrains AUD/JPY instant actions.

Also, The Australian Retail Sales Service for last month (March) exceeds the projected 0.6 percent to give 1.6 percent, as against the before 1.8 percent. Earlier today, Australian S&P 500 Global Services and compound Purchasing Manager Index (PMIs) came out lower than the previous record of 56.20 and 56.60 to 55.90 and 56.1.

AUD/JPY Bullish for Three Days Straight Around 92.50 Due to Strong Australian Data, Careful Optimism

Other Factors Contributing to AUD/JPY Bullish Behavior

Contributing to AUD/JPY bullish behavior is the RBA’s (Reserve Bank of Australia) hawkish inclination and how ready they are for a hawkish move, in the light of inflation anxieties and how capable the economy is to recover from economic depression.

Also, risk-negative news from China and Ukraine, which is tied to covid re-occurrences and the war between Russia and Ukraine, combined with worries that the Fed may have to control the relation crisis to burden the pair value.

Looking ahead, the actions of traders from Europe before the Federal Reserve and the United States yields’ performances, will guide the in-day AUD/JPY actions ahead of the important FOMC (Federal Open Market Committee).

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.