#AUDJPY @ 91.3340 has slipped sharply from 91.40 despite RBA continuing a hawkish monetary policy ahead. (Pivot Orderbook analysis)

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• AUD/JPY has slipped sharply from 91.40 despite RBA continuing a hawkish monetary policy ahead.
• Australian inflation has driven higher in December led by rising fuel prices, series demand, and electricity prices.
• Japan’s government is planning to announce the new BoJ governor nominee and two deputy governor nominees on Feb. 14.

The pair currently trades last at 91.3340.

The previous day high was 91.6 while the previous day low was 90.92. The daily 38.2% Fib levels comes at 91.34, expected to provide resistance. Similarly, the daily 61.8% fib level is at 91.18, expected to provide support.

The AUD/JPY pair has sensed selling pressure after printing an intraday high above 91.40 in the Asian session. The Australian Dollar has met offered despite the hawkish monetary policy statement by the Reserve Bank of Australia (RBA).

Australian inflation has driven higher in December led by rising fuel prices, series demand, and electricity prices. Electricity prices rose by 7% in December due to the unwinding of rebates in Western Australia.

On growth forecasts, RBA policymakers have projected a Gross Domestic Product (GDP) growth to have been 2.75% in 2022 and to be 1.5% over both 2023 and 2024.

On the Japanese Yen front, investors are awaiting the list of nominations for the successor Bank of Japan (BoJ) Governor Haruhiko Kuroda. Analysts at Commerzbank believe “The nomination, which is expected to take place next week, is likely to upset the Yen exchange rates quite heavily, regardless of which candidate will emerge as the favorite.”

Meanwhile, Japanese Prime Minister Fumio Kishida said, “The administration is in process of choosing the next BoJ Governor nominee, they are mindful of very strong market attention on the decision.” He further added, “It has become more important for someone like the new BoJ governor to have strength in communication.”

An update from Reuters states Japan’s government is planning to present the new Bank of Japan governor nominee and two deputy governor nominees to parliament on Feb. 14

Technical Levels: Supports and Resistances

AUDJPY currently trading at 91.38 at the time of writing. Pair opened at 91.24 and is trading with a change of 0.15 % .

The pair is trading above its 20 Daily moving average @ 90.98, above its 50 Daily moving average @ 90.83 , below its 100 Daily moving average @ 92.25 and below its 200 Daily moving average @ 93.0

The previous day high was 91.6 while the previous day low was 90.92. The daily 38.2% Fib levels comes at 91.34, expected to provide resistance. Similarly, the daily 61.8% fib level is at 91.18, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 90.91, 90.58, 90.24
• Pivot resistance is noted at 91.58, 91.93, 92.26

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