Comments from BoJ Gov Ueda have made a January rate hike less likely. Strengthening the Aussie dollar against the yen

Thursday’s comments from BoJ Gov Ueda make a January rate hike less likely, which has strengthened the AUD/JPY pair. Currently, the Aussie dollar is trading at around A$0.9713 against the yen. Looking at the chart based on the 4-hour timeframe, we can see that the pair has found support along the ascending trendline as well as the 100-day moving average. It has now broken through and closed above the 50-day moving average, the next resistance target here for the Aussie dollar is the level of A$0.9758. A break above this level would then allow the bulls to eye up A$0.9810 and maybe even last year’s high of A$0.9860. The support here for the pair is the previous resistance of the 50-day MA, which currently reads A$0.9664. A break below this support would then shift the focus back to the supportive trendline (A$0.9625). Looking at the technical indicators, they are rather positive. The MACD is on the rise and the RSI reads 63.