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23 Apr 2014
AUD/JPY eyes key impacting Asian data releases
FXStreet (Guatemala) - Currently, AUD/JPY is trading at 96.07, down -0.03% on the day, having posted a daily high at 96.15 and low at 96.01.
AUD/JPY focus for today will come in the form of the Australian CPI and China’s HSBC PMI, with the releases scheduled at 1.30 and 1.45 GMT respectively. Strategists at TD Securities explained that Q1 CPI is expected to jump by at least +0.8%/qtr and +3.2%/yr for headline CPI (as does mkt) and for underlying we expect +0.75%/qtr and +2.9%/yr (as does consensus) followed by a public holiday for ANZAC Day on Fri. “We expect the inflation report to keep the RBA concerned about inflation and contribute to introducing a tightening bias in Q3”.
The strategists at TD Securities went on to add that their favourite Chinese monthly indicator is the HSBC flash manufacturing PMI. “We’ve noted that this indicator has recently formed a tight correlation with the iron ore price (which has bounced from $US112/t to $US117/t in April to date) hence we expect a print of around 48.5 (consensus was 48.5 last week, now back to 48.3 today)”.
AUD/JPY Levels
With spot trading at 96.10, we can see next resistance ahead at 96.12 (Daily Open), 96.12 (Monthly High), 96.12 (Weekly High), 96.14 (Weekly Classic R1) and 96.15 (Daily High). Support below can be found at 96.07 (YTD High), 96.04 (Daily Classic R2), 96.02 (Hourly 20 EMA), 96.01 (Daily Low) and 95.87 (Daily Classic R1).
AUD/JPY focus for today will come in the form of the Australian CPI and China’s HSBC PMI, with the releases scheduled at 1.30 and 1.45 GMT respectively. Strategists at TD Securities explained that Q1 CPI is expected to jump by at least +0.8%/qtr and +3.2%/yr for headline CPI (as does mkt) and for underlying we expect +0.75%/qtr and +2.9%/yr (as does consensus) followed by a public holiday for ANZAC Day on Fri. “We expect the inflation report to keep the RBA concerned about inflation and contribute to introducing a tightening bias in Q3”.
The strategists at TD Securities went on to add that their favourite Chinese monthly indicator is the HSBC flash manufacturing PMI. “We’ve noted that this indicator has recently formed a tight correlation with the iron ore price (which has bounced from $US112/t to $US117/t in April to date) hence we expect a print of around 48.5 (consensus was 48.5 last week, now back to 48.3 today)”.
AUD/JPY Levels
With spot trading at 96.10, we can see next resistance ahead at 96.12 (Daily Open), 96.12 (Monthly High), 96.12 (Weekly High), 96.14 (Weekly Classic R1) and 96.15 (Daily High). Support below can be found at 96.07 (YTD High), 96.04 (Daily Classic R2), 96.02 (Hourly 20 EMA), 96.01 (Daily Low) and 95.87 (Daily Classic R1).