AUD/JPY consolidates gains around 84.80 amid risk-on sentiment


  • AUD/JPY locks in some gains in the Asian session.
  • AUD gains on improved risk-sentiment, upbeat economic outlook.
  • Yen suffers from fragile economic recovery prospects.

The AUD/JPY cross-currency pair edges higher on the last trading week on Friday.  The pair touched the 85.02 mark in the previous session, however, it falters quickly to the daily lows of 84.62. 

At the time of writing, AUD/JPY trades at 84.12, up 0.07% for the day.

Investors remain unfazed by the US higher inflation rate, which came at the highest since August 2008. The higher readings fail to provide any meaningful traction in the US dollar. The improved risk sentiment helps Aussie gains.
 
It is worth noting that S&P 500 Futures were trading at 4,239, up 0.47% for the day.

Commodity prices also went up, with Gold prices remaining elevated to the $1,900 mark. Higher commodity prices help commodity-linked AUD to gain against the majors.

On the economic side, the Reserve Bank of Australia’s Assistant Governor Chris Kent said that the Australian economy is in good shape and recovered well from the pandemic. The pricing pressure remains subdued, which will keep the central bank’s monetary policy very stimulative until the dual mandate of full employment and consistent inflation has been achieved.

Meanwhile, the lockdown has been lifted in Melbourne with some restrictions, as no new covid-19 cases have been reported. This, in turn, boosted the sentiment around the aussie.

On the other hand, the yen remained submissive, despite the Gross Domestic Product (GPD) shrank at  3.9% against the market consensus and avoiding the fear of a double-dip recession. However, a slower vaccination rollout program and lockdown restriction kept the currency pressurized.

The market dynamics continue to influence the pair’s performance in the absence of any major fundamental news.

AUD/JPY additional levels

AUD/JPY

Overview
Today last price 84.8
Today Daily Change 0.04
Today Daily Change % 0.05
Today daily open 84.76
 
Trends
Daily SMA20 84.67
Daily SMA50 84.39
Daily SMA100 83.41
Daily SMA200 80.15
 
Levels
Previous Daily High 84.84
Previous Daily Low 84.66
Previous Weekly High 85.2
Previous Weekly Low 84.32
Previous Monthly High 85.8
Previous Monthly Low 83.93
Daily Fibonacci 38.2% 84.73
Daily Fibonacci 61.8% 84.77
Daily Pivot Point S1 84.66
Daily Pivot Point S2 84.57
Daily Pivot Point S3 84.49
Daily Pivot Point R1 84.84
Daily Pivot Point R2 84.93
Daily Pivot Point R3 85.02

 


 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news

GME stock positioned for another short squeeze

Get the full analysis and chart in our Insights. Upgrade to Premium today    

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD struggles below 1.2200 inside falling channel

EUR/USD remains depressed between 100-SMA and 200-SMA inside a three-week-old descending trend channel. Downbeat MACD signals also back the bears, monthly support line adds to the downside filters.

EUR/USD News

GBP/USD looks shy of regaining 1.4200, Brexit, UK data dump eyed

GBP/USD bulls take a breather following the heaviest run-up in two weeks. UK PM Johnson said US President Biden didn’t alarm about the Northern Ireland situation, Brussels-Britain agrees over fishing catch. Brexit chatters, G7 deal and UK’s April data-flow become the key.

GBP/USD News

EUR/USD struggles below 1.2200 inside falling channel

EUR/USD remains depressed between 100-SMA and 200-SMA inside a three-week-old descending trend channel. Downbeat MACD signals also back the bears, monthly support line adds to the downside filters.

EUR/USD News

Dogecoin price may fall 40% as fragile DOGE fundamentals multiply

Dogecoin price has shifted from a wide descending channel to a tighter channel after support folded at the 50-day SMA. The underperformance with Bitcoin and the breakdown in daily active ...

Read more

US Inflation Analysis: As high as it gets? Fed may still stick to “transitory” stance, dollar could suffer

US headline inflation hit 5% in May, more than 4.7% expected. Prices of used cars and airfares were among the upside drivers. The Fed may still see through these reopening struggles and refrain from any major change.

Read more

Forex MAJORS

Cryptocurrencies

Signatures