AUD/JPY Price Analysis: Pierced the 90.00 mark but consolidates around 90.30s ahead of Australia's data By christianborjon AUDJPY Crosses Technical Analysis Sentiment
ies trading in the green, except for the Russell 2000, down some 0.19%. At the time of writing, the AUD/JPY is trading at 90.47, just shy of the 50-day moving average at 90.66.futures point to a mixed open, portraying a mixed market mood. Sentiment drivers like China’s coronavirus restrictions and Russia’s invasion of Ukraine loom the global economic growth.
Late in the Asian session, AUD/JPY traders would take cues from the Australian Consumer Confidence and the Japanese Foreign Exchange Reserves. Alongside the events mentioned above in the calendar, the Chinese inflation rate and the could shed some light and shift the market mood, as the second-largest economy and Australia’s biggest trading partner is about to hit an uptick in inflation.The AUD/JPY is consolidating around the 90.00 mark; psychological support briefly pierced during the Asian session on Tuesday. However, AUD/JPY bulls reclaimed the level and achieved a daily close above it.
If that scenario plays out, the AUD/JPY first support would be the 90.00 mark. Break below would expose the March 22 at 88.29, followed by March 18 daily low at 87.33 and then the aforementioned confluence around 86.25-63. If the cross-currency holds above the 50-DMA, the AUD/JPY’s first resistance would be May 10 daily high at 91.15. A breach of the latter would expose May 9 daily high at 92.31, followed by a fifteen-day-old downslope trendline around 93.25-50.
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