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AUD/JPY: Resistance Above 20-Day EMA, ¥94 Handle; Tokyo CPI On Tap

AUD

AUD/JPY couldn't sustain a break of the 20-Day EMA (¥93.93) and the ¥94 handle yesterday, weaker equities weighed on the pair which fell ~0.7% from peak to trough.

  • The cross is a touch firmer in early dealing on Friday, last printing at ¥93.65/70.
  • Since breaking below the 20-Day EMA in early July the pair hasn't been able to sustain a break of the measure. Bulls look to break the top of the bear channel which has persisted since mid-June at ¥94.66 which opens the high from 10 Aug (¥94.94) and the high from 26 July (¥95.90).
  • On the downside bears look to break the low from 18 Aug (¥92.79) which opens the 200-Day EMA (¥92.58) and the post BOJ low from July (¥91.80).
  • Tokyo CPI is on tap in ~1 hour, the headline measure is expected to tick lower to 3.0% Y/Y from 3.2% and the core measure to 2.9% Y/Y from 3.0%.
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