AUD/JPY Price Analysis: Marks another pullback from 84.45-50 on soft Aussie inflation data

AUD/JPY bears catch a breather around intraday low after over 20-pip fall on downbeat Australia CPI.
Downward sloping RSI, multiple failures to cross the key hurdle favor sellers.
Confluence of 50, 200-SMA becomes strong support to watch during further downside.

Anil Panchal FXStreet

AUD/JPY sellers attack 84.00, down 0.21% intraday, after Australia’s Q1 CPI came in weaker than expected during early Wednesday. Even so, the quote is yet to offer a decisive break below the weekly support line.

Not only the headline Consumer Price Index (CPI) but the RBA Trimmed Mean CPI also lagged behind the market consensus during the first quarter (Q1) of 2021. AUD/JPY justifies the reaction to the key data as it takes a U-turn from the two-month-old horizontal area following the release.

Read: Breaking: Aussie CPI mainly in below expectations, AUD pressured

Though, a clear downside break below the short-term rising support line near 84.20 becomes necessary for the AUD/JPY sellers to retest the key 83.90 support including 50 and 200-SMA.

Meanwhile, an upside break of 84.50 should cross the monthly top of 84.71 and March 12 top near 84.80 before directing the AUD/JPY bulls towards the previous month’s top near 85.45.

Overall, AUD/JPY wobbles in a range but the downbeat data can favor odds of a pullback.

AUD/JPY four-hour chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	84.25
Today Daily Change	-0.16
Today Daily Change %	-0.19%
Today daily open	84.41

Trends
Daily SMA20	83.9
Daily SMA50	83.69
Daily SMA100	81.73
Daily SMA200	78.85

Levels
Previous Daily High	84.52
Previous Daily Low	84.08
Previous Weekly High	84.72
Previous Weekly Low	83.09
Previous Monthly High	85.45
Previous Monthly Low	82.12
Daily Fibonacci 38.2%	84.35
Daily Fibonacci 61.8%	84.25
Daily Pivot Point S1	84.15
Daily Pivot Point S2	83.9
Daily Pivot Point S3	83.72
Daily Pivot Point R1	84.59
Daily Pivot Point R2	84.77
Daily Pivot Point R3	85.02

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.

EUR/USD trims gains, hovers around 1.1900 post-US data

EUR/USD trades slightly on the back foot around the 1.1900 region in a context dominated by the resurgence of some buying interest around the US Dollar on turnaround Tuesday. Looking at the US docket, Retail Sales disappointed expectations in December, while the ADP 4-Week Average came in at 6.5K.

GBP/USD comes under pressure near 1.3680

The better tone in the Greenback hurts the risk-linked complex on Tuesday, prompting GBP/USD to set aside two consecutive days of gains and trade slightly on the defensive below the 1.3700 mark. Investors, in the meantime, keep their attention on key UK data due later in the week.

Gold loses some traction, still above $5,000

Gold faces some selling pressure on Tuesday, surrendering part of its recent two-day advance although managing to keep the trade above the $5,000 mark per troy ounce. The daily pullback in the precious metal comes in response to the modest rebound in the US Dollar, while declining US Treasury yields across the curve seem to limit the downside.

XRP holds $1.40 amid ETF inflows and stable derivatives market

Ripple trades under pressure, with immediate support at $1.40 holding at the time of writing on Tuesday. A recovery attempt from last week’s sell-off to $1.12 stalled at $1.54 on Friday, leading to limited price action between the current support and the resistance.

Dollar drops and stocks rally: The week of reckoning for US economic data

Following a sizeable move lower in US technology Stocks last week, we have witnessed a meaningful recovery unfold. The USD Index is in a concerning position; the monthly price continues to hold the south channel support.

Bitcoin Cash trades lower, risks dead-cat bounce amid bearish signals

Bitcoin Cash (BCH) trades in the red below $522 at the time of writing on Tuesday, after multiple rejections at key resistance. BCH’s derivatives and on-chain indicators point to growing bearish sentiment and raise the risk of a dead-cat bounce toward lower support levels.