AUD/JPY Close to Resistance

AUD/JPY is now trading at 83.62 as market participants are anticipating the reach of the short term resistance. Immediate resistance level is seen at 83.70. AUD/JPY bears might jump on the opportunity to short the pair for major target at 81.90.

What could spice things up is the anticipated FED press release on raising the interest rate from 1.00% to 1.25%. Market analysts are predicting that there would be a raise in order to calm the markets and introduce more stability into the US economy.

A depreciation of the US dollar usually bring volatility to the Japanese Yen. If this is the case here as well, then we might see the Yen appreciating, meaning that pairs like AUD/JPY and NZD/JPY will decrease in price.

The news are scheduled for 2PM EST.

Chart: AUD/JPY H4