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25 Jan 2022

AUD/JPY Price Analysis: Challenges bear cross on upbeat Aussie Q4 inflation

  • AUD/JPY extends the week-start rebound from late December lows.
  • Receding bearish bias of MACD joins firmer data to favor bulls.
  • Australia Q4 CPI, RBA Trimmed Mean CPI crossed forecasts and prior, NAB data came in softer for December.
  • Death cross keeps sellers hopeful, three-week-old resistance line adds to the upside filters.

AUD/JPY justifies strong Australia inflation data by refreshing intraday top around 81.80, currently up 0.25% intraday, during early Tuesday.

In doing so, the cross-currency pair stretches the previous day’s bounce off 61.8% Fibonacci retracement (Fibo.) level of December-January upside, around 80.90.

That said, Australia’s fourth quarter (Q4) Consumer Price Index (CPI) rose more than 1.0% forecast and 0.8% QoQ to 1.3% while the YoY figures crossed the Reserve Bank of Australia’s (RBA) SOMP projections to 3.5%, versus 3.2% expected and 3.0% prior. Further, the RBA Trimmed Mean CPI crossed 0.7% market consensus with 1.0% figures on QoQ while also rising past 2.4% YoY forecast to 2.6%.

Read: Breaking: Aussie CPI comes in hotter and lifts AUD over 26 pips off the bat

Other than the fundamentals and 61.8% Fibo, The corrective pullback also gains support from the receding bearish bias of the MACD.

Even so, a bear cross between the 50-SMA and 200-SMA keeps sellers hopeful until the quote stays below 82.45.

Also acting as an upside hurdle is a descending resistance line from January 05, near 82.70.

Alternatively, pullback moves may aim for the key Fibonacci level retest, near 80.90, a break of which will strengthen the bearish approach towards the 80.00 threshold. Following that, December’s low near 78.80 will be in focus.

AUD/JPY: Four-hour chart

Trend: Further recovery expected

 

Jan 25, 2022

AUD/USD rises towards 0.7200 on strong Australia Q4 CPI

AUD/USD pops 25 pips to 0.7175 as Australia Q4 inflation data came in stronger than expected during early Tuesday. The Aussie pair initially consolida
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Jan 25, 2022

BoJ Gov Kuroda: Global commodity price rise is much bigger factor than weak yen in pushing up japan's consumer inflation

Reuters reported that the Bank of Japan Governor Haruhiko Kuroda said on Tuesday the central bank must maintain ultra-loose monetary policy, while kee
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