AUD/JPY Price Analysis: Bears eye 76.00 on weaker than forecast China inflation

AUD/JPY drops from the eight-week high, flashed on Monday, as China’s CPI, PPI print downbeat figures for October.
Weekly support line, 200-bar SMA lure the bears.

Anil Panchal FXStreet

AUD/JPY drops to 76.35, down 0.47% intraday, during early Tuesday. The pair reversed from the multi-day high the previous day while China’s October month Consumer Price Index (CPI) and Producer Price Index (PPI) offered the latest weakness.

Read: Chinese CPI below 1% YoY first time since March 2017

Considering the unwelcome figures from the largest customer and RSI pullback from the overbought conditions, not to forget the sustained break of the October high, AUD/JPY bears target further downside.

In doing so, the 76.00 threshold can offer immediate support ahead of an ascending trend line from November 02, currently around 75.45. However, any further downside will be capped by a 200-bar SMA level of 74.95.

Alternatively, October’s peak surrounding 76.50 and the recent top close to 77.05 can entertain the intraday buyers during the fresh recovery.

Though, the September 10 high of 77.73 and the August 31 peak surrounding 78.45/50 will challenge the AUD/JPY bulls afterward.

AUD/JPY daily chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	76.4
Today Daily Change	-0.32
Today Daily Change %	-0.42%
Today daily open	76.72

Trends
Daily SMA20	74.68
Daily SMA50	75.58
Daily SMA100	75.52
Daily SMA200	72.87

Levels
Previous Daily High	77.04
Previous Daily Low	75.04
Previous Weekly High	75.48
Previous Weekly Low	73.18
Previous Monthly High	76.52
Previous Monthly Low	73.14
Daily Fibonacci 38.2%	76.28
Daily Fibonacci 61.8%	75.8
Daily Pivot Point S1	75.49
Daily Pivot Point S2	74.27
Daily Pivot Point S3	73.49
Daily Pivot Point R1	77.49
Daily Pivot Point R2	78.27
Daily Pivot Point R3	79.49

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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