AUD/JPY struggles around 80.00 ahead of Japan inflation data

Good Friday recess at the global trading front except for China and Japan highlights AUD/JPY moves.
Japan’s inflation numbers will be the key to watch for fresh impulse.

Anil Panchal FXStreet

The AUD/JPY is on the bids near 80.10 during early Friday when a major chunk of the global traders are off celebrating Good Friday except in China and Japan. As a result, investors may emphasize on the upcoming inflation reading from Japan in order to determine near-term trade sentiment.

Thursday’s Australian employment numbers couldn’t help the AUD much as doubts over the future rate cuts from Australia’s largest consumer, China, raised by China’s securities journal indicated economic pressure at home.

Adding to the AUD/JPY pair’s weakness could be KCNA report signaling North Korea’s test of tactical weapons, which in turn could further sour the hermit kingdom’s relations with the US.

Looking forward, March month national consumer price index (CPI) numbers from Japan will be the key. The National CPI is expected to increase to 0.5% from 0.2% on a yearly basis while the national CPI ex-fresh food, also referred to as National core CPI, may remain unchanged at 0.7% YoY.

AUD/JPY Technical Analysis

In spite of slipping beneath 200-day simple moving average (SMA), recent lows near 79.90 and February month highs near 79.80 could challenge sellers, if not then 79.60, 79.40 and 100-day SMA level of 79.10 may gain market attention.

Meanwhile, pair’s break of 80.20 level comprising 200-day SMA may recall 80.50 and 80.70 back on the chart whereas 81.00 and 81.20 may please buyers then after.

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 remains offered below 1.1800, looks at US data

EUR/USD is still trading on the defensive in the latter part of Thursday’s session, while the US Dollar maintains its bid bias as investors now gear up for Friday’s key release of the PCE data, advanced Q4 GDP prints and flash PMIs.

GBP/USD bounces off monthly lows near 1.3430

GBP/USD is sliding in tandem with its risk-sensitive peers, drifting back towards the 1.3430 area, its lowest levels in the month. The move reflects a firmer Greenback, supported by another round of solid US data and a somewhat divided FOMC Minutes.

Gold drifts higher to near $5,000 on heightened US-Iran tensions

Gold price holds positive ground near $5,000 during the early Asian session on Friday. The precious metal edges higher as escalating tensions between the United States and Iran boost safe-haven demand. Traders brace for the preliminary reading of US Gross Domestic Product for the fourth quarter, the Personal Consumption Expenditures and the S&P Global Purchasing Managers Index data, which are due later on Friday.

XRP edges lower as SG-FORGE integrates EUR stablecoin on XRP Ledger

Ripple’s (XRP) outlook remains weak, as headwinds spark declines toward the $1.40 psychological support at the time of writing on Thursday.

Hawkish Fed minutes and a market finding its footing

It was green across the board for US Stock market indexes at the close on Wednesday, with most S&P 500 names ending higher, adding 38 points (0.6%) to 6,881 overall. At the GICS sector level, energy led gains, followed by technology and consumer discretionary, while utilities and real estate posted the largest losses.

Injective token surges over 13% following the approval of the mainnet upgrade proposal

Injective price rallies over 13% on Thursday after the network confirmed the approval of its IIP-619 proposal. The green light for the mainnet upgrade has boosted traders’ sentiment, as the upgrade aims to scale Injective’s real-time Ethereum Virtual Machine architecture and enhance its capabilities to support next-generation payments.