AUD / JPY – Technical Analysis for Australian Binary Options Brokers
Japan – Final Manufacturing PMI
At GMT 1:30 a.m., the Markit released Japan’s final manufacturing purchasing managers’ index (PMI) figure, which measures the level of a diffusion index by surveying around 400 purchasing managers in the country.
Since businesses are the first to react to changing economic climate and the PMI is calculated based on survey questions covering employment, production, price levels, new orders situation as well as inventory conditions; Australian binary options brokers consider this data to be a leading indicator of the overall economic health of the country.[banner-group name=”banner-analysis”]
Last month, the Japan’s final manufacturing PMI reading came out at 52.8 and the forecast for this month was set at a reading of 52.8 as well. However, the actual final PMI reading came out slightly lower compared to what the market was exacting, at 52.7.
Australia – Cash Rate
Tomorrow, at GMT 5:30 a.m., the Reserve Bank of Australia (RBA) released the official cash rate, which is the interest rate that major Australian banks and financial institutions pay to borrow funds held at the RBA.
Since short-term interest rates are the primary factor in the valuation of the Australian Dollar against other major currencies, binary options investors pay close attention to any changes in the official cash rate.
The RBA left the cash rate at 1.5% in their last meeting and the forecast for this month is that the RBA will leave the cash rate unchanged at 1.5% for the time being.
After breaking below the uptrend line on April 4, 2017, the AUD/JPY mostly remained bearish over the last month. However, as soon as the price reached near the support around 81.5, it started a bullish retracement, which has so far pushed the AUD/JPY price towards the resistance near 83.75 level.
Earlier today, the AUD/JPY penetrated above the 83.75 level and currently, it is trading above the 84.00 level.
As the Japanese final manufacturing PMI figure is expected to come slightly below last month’s 52.8 reading, but the Australian cash rate is expected to remain unchanged at 1.5%, we believe it would likely set a bullish fundamental outlook for the AUD/JPY this week. Therefore, if the AUD/JPY closes above the resistance near 83.75, it would likely attract additional bullish momentum in the market.
Hence, Australian binary options traders should look out for trading opportunities above this major resistance level around 83.75.
Top Australian Binary Options Brokers to trade AUD/JPY[featured feattitle=’Best Rated Broker: HighLow’ site=’HighLow’ ]HighLow is our top binary options platform for Australian Traders. Read High low review [/featured] [featured feattitle=’Go Markets’ site=’Go Markets’ ] Go Markets is a well-know Australian broker offering now binary options. Read GoMarkets review [/featured
- GBP/AUD Appears Bullish Amid Impressive Growth of Net Lending to Individuals in the UK - January 4, 2022
- AUD/CHF Likely to Break Above Key Resistance if Swiss Trade Balance Declines - December 20, 2021
- AUD/JPY Downtrend Line Likely to Hold the Bulls As Declining Japanese Household Spending Slowed Down - December 7, 2021