The AUD/JPY cross gains traction above mid-93.00s during the Asian trading hours on Wednesday. The Japanese Yen remains under pressure amid the diverg
ence of monetary policy between Bank of Japan and the Reserve Bank of Australia . The cross currently trades around 93.74, up 0.04% for the day. for August rose to 49.7 versus 49.6 prior. The figure came in below the market expectation of 49.5. Meanwhile, Service PMI improved to 54.3 from 53.8 in the previous month.
On the Aussie front, the S&P Global Manufacturing PMI decreases to 49.4 from 49.6 anticipated and prior, while the Services PMI drops to 46.7 from 47.9 expected and previous month. Finally, the S&P Global Composite PMI for August falls to 47.1 from 48.2 in July., AUD/JPY trades within a descending trend channel line from the middle of June.
The first resistance level for AUD/JPY emerges at 94.00 . The additional upside filter to watch is 94.45, representing the upper boundary of a descending trend channel. Any meaningful follow-through buying above the latter will see a rally to 94.90 en route to 95.40 and finally at 95.85 . On the downside, the cross will meet the initial support level at 93.50 . The next downside stop appears near a psychological figure at 93.00, followed by 92.65 . A breach of the latter will see a drop to 92.15 and 91.80
It’s worth noting that the Relative Strength Index holds above 50 while Moving Average Convergence/Divergence stands in bullish territory. Both momentum
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