AUD/JPY struggles around 80.00 ahead of Japan inflation data
|- Good Friday recess at the global trading front except for China and Japan highlights AUD/JPY moves.
- Japan’s inflation numbers will be the key to watch for fresh impulse.
The AUD/JPY is on the bids near 80.10 during early Friday when a major chunk of the global traders are off celebrating Good Friday except in China and Japan. As a result, investors may emphasize on the upcoming inflation reading from Japan in order to determine near-term trade sentiment.
Thursday’s Australian employment numbers couldn’t help the AUD much as doubts over the future rate cuts from Australia’s largest consumer, China, raised by China’s securities journal indicated economic pressure at home.
Adding to the AUD/JPY pair’s weakness could be KCNA report signaling North Korea’s test of tactical weapons, which in turn could further sour the hermit kingdom’s relations with the US.
Looking forward, March month national consumer price index (CPI) numbers from Japan will be the key. The National CPI is expected to increase to 0.5% from 0.2% on a yearly basis while the national CPI ex-fresh food, also referred to as National core CPI, may remain unchanged at 0.7% YoY.
AUD/JPY Technical Analysis
In spite of slipping beneath 200-day simple moving average (SMA), recent lows near 79.90 and February month highs near 79.80 could challenge sellers, if not then 79.60, 79.40 and 100-day SMA level of 79.10 may gain market attention.
Meanwhile, pair’s break of 80.20 level comprising 200-day SMA may recall 80.50 and 80.70 back on the chart whereas 81.00 and 81.20 may please buyers then after.
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