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AUD/JPY Close To Another 20-day EMA Resistance Test Post CPI beat

AUD
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AUD/JPY is higher, last tracking above 98.10, slightly off session highs of 98.235. This is close to the 20-day EMA (98.43 based off Tuesday closing levels). Tests above this resistance point haven't been sustained in recent weeks, see the chart below.

  • AUD/USD is testing above 0.6800, a key resistance point. The monthly CPI print for July was slightly above expectations, and not giving any ammunition to rate cut views before year end. Local bond yields are higher across the curve.
  • On the USD/JPY side, we have seen a steady push higher post an early dip sub 143.70. We were last 144.30, around 0.25% weaker in yen terms.
  • BoJ Deputy Governor Himino is currently speaking and is not deviating dramatically away from what Ueda has said recently. The central bank must be vigilant to market volatility, but can adjust the degree of easing if certainty around the outlook firms.

Fig 1: AUD/JPY Unable To Sustain Breaches Of 20-day EMA So Far In August

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AUD/JPY is higher, last tracking above 98.10, slightly off session highs of 98.235. This is close to the 20-day EMA (98.43 based off Tuesday closing levels). Tests above this resistance point haven't been sustained in recent weeks, see the chart below.

  • AUD/USD is testing above 0.6800, a key resistance point. The monthly CPI print for July was slightly above expectations, and not giving any ammunition to rate cut views before year end. Local bond yields are higher across the curve.
  • On the USD/JPY side, we have seen a steady push higher post an early dip sub 143.70. We were last 144.30, around 0.25% weaker in yen terms.
  • BoJ Deputy Governor Himino is currently speaking and is not deviating dramatically away from what Ueda has said recently. The central bank must be vigilant to market volatility, but can adjust the degree of easing if certainty around the outlook firms.

Fig 1: AUD/JPY Unable To Sustain Breaches Of 20-day EMA So Far In August

Keep reading...Show less