AUD/JPY supported above 5-DMA on RBA’s SoMP

The cross in the AUD/JPY saw limited reaction to the RBA’s Statement on Monetary Policy (SoMP), with the bulls managing to hold above 5-DMA support at 77.07, despite RBA talking down on the inflation prospects.

AUD/JPY struggles to take 77.50

The AUD/JPY pair now trades +0.19% higher at 77.36, quickly bouncing-off a dip to 77.19 on the statement release. The cross in the AUD/JPY kept the bid tone intact and wavered in the familiar range above 77 handle as the RBA’s quarterly SoMP offered no new surprises m and rehashed the same as seen during the RBA’s cash rate decision earlier on the week.

Meanwhile, a muted trading activity around the USD/JPY pair also fails to provide any impetus to the cross, as all eyes now remain on the crucial US payrolls numbers for fresh momentum on both the AUD and JPY.

AUD/JPY Technical Levels

To the upside, the next resistance is located at 77.70 (10-DMA) and above which it could extend gains to at 78 (round number).To the downside immediate support might be located 76.50 (psychological levels) below that at 75.89 (Jul 11 low).