- AUD/JPY presently dealing with small losses, standing strong at 97.45 after striking a low of 96.85.
- The cross dealt with losses following the release of weak Australian Retail Sales figures from December.
- Bulls show strength however the bears are gradually constructing momentum.
In Tuesday’s session, the AUD/JPY set was observed at the 97.45 level, taping moderate losses however recuperating from a low of 96.85 as the Aussie compromised following the release of soft Retail Sales figures. The wider outlook on the day-to-day chart showcased bullish supremacy, with the bulls determinedly holding their ground. The four-hour chart suggested a fast healing by the purchasers, declaring the common bullish belief.
Weak December Retail Sales highlight slow Australian financial momentum, however markets still just mark down a 10% possibility of a 25 bps rate cut from the Reserve Bank of Australia (RBA) in February. Combined labor market figures in Japan consisting of falling joblessness rate and job-to-applicant ratio, offers little motivation for Bank of Japan (BoJ) to enter rotating its financial policy, with market expectations recommending a June liftoff.
AUD/JPY levels to see
The signs on the everyday chart are suggesting a subtle power of the bulls over the bears. The Relative Strength Index (RSI) is showing neutrality, located easily in a favorable zone. The Moving Average Convergence Divergence (MACD) mirrors this belief, with green bars that stay fixed, neither increasing nor falling. That being stated, the market belief leans a little in favor of the bulls due to the crosses’s position versus the Simple Moving Averages (SMAs). Hovering above the 20, 100, and 200-day SMAs, the AUD/JPY shows indications of bullish supremacy on a grander scale.
AUD/JPY everyday chart
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