Ella 
AUD/JPY remains stuck in a tight range around 94.95-95.20 during Tuesday’s Asian trading session. AUD/JPY is currently trading around 94.98, down 0.03% on the day.
Minutes of the September monetary policy meeting released by the Reserve Bank of Australia (RBA) on Tuesday showed that further tightening of monetary policy may be necessary if inflation is more persistent than expected. However, the RBA has a stronger case for holding on, and recent data has not materially changed the economic outlook.
The 4-hour chart shows that AUD/JPY faces minimal upside resistance as it holds above its 50-day and 100-day exponential moving averages (exponential moving averages). Meanwhile, the Relative Strength Index remains above 50, in bullish territory, supporting bulls for now.
On the upside, AUD/JPY’s near-term resistance is around the Bollinger Band’s upper track of 95.48. A move above this resistance would see AUD/JPY rally towards 95.78 (July 21 high) and then the July 4 high of 96.85. The next resistance level to watch is the year-to-date (YTD) high at 97.62, followed by 98.00 (the psychological round number mark).
On the downside, AUD/JPY will encounter initial support near the 50-day exponential moving average of 94.72. Next support is at 94.65 (lower Bollinger Bands), then 94.50 (100 hourly exponential moving average). If AUD/JPY falls below this level, it will fall to the psychological round number level of 94.00.
