AUD/JPY holding ground above 98.00 ahead of Aussie Retail Sales

The AUD/JPY is sticking close to the midrange after getting pulled in both directions.
The Aussie remains down against the Yen about three-tenths of a percent on Monday.
Tuesday sees Australian Retail Sales figures, as well as an appearance from RBA Governor Bullock.

Joshua Gibson FXStreet

The AUD/JPY pair is drifting in the midrange after setting both the high and the low of the day in early Monday trading, dipping into 97.81 at the starting bell before rallying back into a Monday high of 98.49.

The pair is currently adrift just above the 98.00 handle, down 0.3% from Monday's peak as Aussie (AUD) traders gear up for Australian Retail Sales data and a speaking engagement from the Reserve Bank of Australia (RBA) Governor Michele Bullock.

The Japanese Yen (JPY) has seen some recovery across the board on Monday, but long-term bear pressure on the Yen is expected to continue as the Bank of Japan (BoJ) continues to court a hyper-easy monetary policy stance. The BoJ fears that inflation within Japan's domestic economy will waiver below the Japanese central bank's 2% target.

Australian Retail Sales for October are expected to slow down from 0.9% to 0.1% as Australians grapple with sticky inflation eating away at their purchasing power.

RBA Governor Michele Bullock will be taking part in a panel discussion labeled "Inflation, Financial Stability and Employment" at the Hong Kong Monetary Authority and Bank for International Settlements High-Level Conference in Hong Kong early Tuesday.

AUD/JPY Technical Outlook

The Aussie is seeing a firming-up in the overall FX marketspace, up against everything except the rebounding Yen, and the AUD/JPY is getting hung up on the 50-hour Simple Moving Average (SMA).

Intraday action continues to find support from the 200-hour SMA just north of 97.70, and the AUD/JPY pair is also seeing technical resistance at last turnaround near 98.50.

The pair remains firmly buried in bull country, trading close to its highest bids for the year, with 2023's peak sitting nearby at 98.66 and daily candles seeing technical support from the 50-day SMA scrambling to catch up to price action near the 96.00 handle.

AUD/JPY Hourly Chart

AUD/JPY Daily Chart

AUD/JPY Technical Levels

AUD/JPY

Overview
Today last price	98.21
Today Daily Change	-0.28
Today Daily Change %	-0.28
Today daily open	98.49

Trends
Daily SMA20	97.12
Daily SMA50	95.9
Daily SMA100	95.1
Daily SMA200	93.29

Levels
Previous Daily High	98.54
Previous Daily Low	97.96
Previous Weekly High	98.54
Previous Weekly Low	96.83
Previous Monthly High	96.42
Previous Monthly Low	93.05
Daily Fibonacci 38.2%	98.32
Daily Fibonacci 61.8%	98.18
Daily Pivot Point S1	98.12
Daily Pivot Point S2	97.74
Daily Pivot Point S3	97.53
Daily Pivot Point R1	98.7
Daily Pivot Point R2	98.91
Daily Pivot Point R3	99.29

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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