#AUDJPY @ 89.8450 is gathering strength to confidently reclaim the critical resistance of 90.00. (Pivot Orderbook analysis)
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- AUD/JPY is gathering strength to confidently reclaim the critical resistance of 90.00.
- Further softening of Australian inflation is highly expected as RBA policymakers confirmed signs of a slowdown ahead.
- BoJ Ueda is expected to keep the expansionary interest rate policy steady as Japan’s inflation is showing signs of a peak.
The pair currently trades last at 89.8450.
The previous day high was 90.56 while the previous day low was 89.4. The daily 38.2% Fib levels comes at 89.85, expected to provide resistance. Similarly, the daily 61.8% fib level is at 90.12, expected to provide resistance.
The AUD/JPY pair has witnessed a mild correction after failing to decisively surpass the critical resistance of 90.00 in the early Tokyo session. The risk barometer is making efforts for shifting its auction confidently above 90.00.
Considering positive cues from AUD/USD, the AUD/JPY pair is expected to remain in the grip of bulls. The Australian Dollar is expected to remain volatile ahead of the release of the Consumer Price Index (CPI) data, which is scheduled for Wednesday.
As per the consensus, quarterly inflation (Q1) accelerated by 1.3% at a slower pace than the velocity of 1.9% recorded in the last quarter of CY2022. Annual inflation is expected to soften to 6.9% from the former release of 7.8%.
Apart from them, the monthly inflation indicator (Mar) is expected to decelerate to 6.6% from the prior release of 6.8%. Australia’s monthly CPI has softened significantly from its peak of 8.4%, recorded in December. The Reserve Bank of Australia (RBA) has paused its rate-hiking spell after pushing interest rates to 3.60%. RBA policymakers are expecting a further slowdown in the Australian economy, which will continue to weigh pressure on inflation.
On the Japanese Yen front, the interest rate decision by the Bank of Japan (BoJ) will be the key event this week. New BoJ Governor Kazuo Ueda is expected to keep the expansionary interest rate policy steady as Japan’s inflation is showing signs of peak knowing the fact that the impact of higher import prices has already passed to the economy. BoJ Ueda denied tweaking Yield Curve Control (YCC) sooner on Monday, citing that inflation is losing its momentum.
Technical Levels: Supports and Resistances
AUDJPY currently trading at 89.82 at the time of writing. Pair opened at 89.74 and is trading with a change of 0.09 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 89.82 |
| 1 | Today Daily Change | 0.08 |
| 2 | Today Daily Change % | 0.09 |
| 3 | Today daily open | 89.74 |
The pair is trading above its 20 Daily moving average @ 89.12, below its 50 Daily moving average @ 89.97 , below its 100 Daily moving average @ 90.4 and below its 200 Daily moving average @ 92.34
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 89.12 |
| 1 | Daily SMA50 | 89.97 |
| 2 | Daily SMA100 | 90.40 |
| 3 | Daily SMA200 | 92.34 |
The previous day high was 90.56 while the previous day low was 89.4. The daily 38.2% Fib levels comes at 89.85, expected to provide resistance. Similarly, the daily 61.8% fib level is at 90.12, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 89.24, 88.74, 88.07
- Pivot resistance is noted at 90.4, 91.06, 91.56
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 90.56 |
| Previous Daily Low | 89.40 |
| Previous Weekly High | 90.78 |
| Previous Weekly Low | 89.40 |
| Previous Monthly High | 92.25 |
| Previous Monthly Low | 86.06 |
| Daily Fibonacci 38.2% | 89.85 |
| Daily Fibonacci 61.8% | 90.12 |
| Daily Pivot Point S1 | 89.24 |
| Daily Pivot Point S2 | 88.74 |
| Daily Pivot Point S3 | 88.07 |
| Daily Pivot Point R1 | 90.40 |
| Daily Pivot Point R2 | 91.06 |
| Daily Pivot Point R3 | 91.56 |
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