Ella 
AUD/JPY remains under pressure around 93.50, up 0.37% on the day
Short-term resistance at 94.00; initial support at 93.00
AUD/JPY struggled to move higher and hovered around 93.50 ahead of the European open on Monday. Upbeat developments in China lifted the Australian dollar against major currencies. China’s Ministry of Commerce announced on Friday that China will lift anti-dumping and countervailing duties on Australian barley imports from Aug. 5.
Meanwhile, the BOJ noted in a summary of its opinion from its July meeting that achieving 2% inflation in a sustained and stable manner appears within reach. The news hinted at a more cautious approach to yield curve control (YCC) policy in Japan and weighed on the yen.
Short-term resistance is at 94.00, which is the 50-hour EMA and the psychological round-number mark. The next hurdles focus on 94.40 (100 hourly EMA) and 95.40 (July 14 high) and 95.50 (top of descending channel).
On the other hand, initial support is at 93.00 (psychological round number level, 04 Aug low). The next downside targets are 92.60 (28 Jul swing low) and then 92.35 (bottom of descending channel). A break of the latter would send the pair down to 92.15 (6 June low).
