AUD/JPY falls to near 99.30 as Japanese Yen enjoys safe-haven status


  • AUD/JPY snaps its winning streak on escalated geopolitical tension.
  • Iran has vowed retaliation for Israel's attack on Iran's embassy.
  • Australian Dollar faces challenges after the release of mixed economic data.

AUD/JPY breaks its three-day winning streak, declining to near 99.30 during the Asian session on Friday. The Japanese Yen (JPY), considered a safe-haven currency, strengthened as geopolitical tensions escalated in the Middle East. This dynamic contributed to the weakening of the AUD/JPY cross.

The escalation of tensions follows Iran's vow to retaliate against Israel's attack on Iran's embassy in Syria, which led to the loss of Iranian military personnel. Additionally, reports indicating heightened threats against Israeli embassies in the United States (US) by Iran have further heightened market concerns.

Additionally, Bank of Japan (BoJ) Governor Kazuo Ueda suggested on Friday that the central bank might adjust monetary policy if foreign exchange fluctuations significantly affect the wage-inflation cycle in a manner that cannot be overlooked. Japan's Finance Minister Shunichi Suzuki echoed this sentiment, emphasizing that he is closely monitoring currency movements with a strong sense of urgency and is prepared to explore all available options to address excessive volatility in the foreign exchange market.

Minister Suzuki also highlighted that decisions regarding monetary policy, including the timing of interest rate adjustments, fall within the jurisdiction of the Bank of Japan's Board of Directors (BOD). The government aims to collaborate closely with the BOD to consistently achieve its inflation target stably.

Following the release of unchanged Final Retail Sales and disappointing Trade Balance data from Australia on Friday, the Australian Dollar (AUD) experienced a decline. According to data published by the Australian Bureau of Statistics, Australia's Trade Surplus (Month-over-Month) narrowed to 7,280 million in March, falling short of the expected 10,400 million and February’s reading of 10,058 million.

The decrease in Australia's Exports by 2.2% month-over-month, in contrast to the previous increase of 1.6%, contributed to the narrowing surplus. Additionally, the nation’s Imports saw growth of 4.8%, compared to 1.3% in the previous period. Australia's Final Retail Sales remained unchanged at 0.3% in February, aligning with expectations.

AUD/JPY

Overview
Today last price 99.29
Today Daily Change -0.41
Today Daily Change % -0.41
Today daily open 99.7
 
Trends
Daily SMA20 98.51
Daily SMA50 97.97
Daily SMA100 97.43
Daily SMA200 96.21
 
Levels
Previous Daily High 100.4
Previous Daily Low 99.48
Previous Weekly High 99.25
Previous Weekly Low 98.18
Previous Monthly High 100.17
Previous Monthly Low 96.9
Daily Fibonacci 38.2% 100.05
Daily Fibonacci 61.8% 99.83
Daily Pivot Point S1 99.32
Daily Pivot Point S2 98.94
Daily Pivot Point S3 98.39
Daily Pivot Point R1 100.24
Daily Pivot Point R2 100.79
Daily Pivot Point R3 101.17

 

 

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