AUD/JPY Price Analysis: Bears eye a break of structure of 93.55 and 93.28, bulls eye 94.00
|- AUD/JPY H1 structure is key at 93.28 as it guards the price imbalance to 93 the figure.
- A deeper move below there towards level 1 longs below 92.50.
The AUD/JPY outlook will likely be determined by today's New Zealand Consumer Price Index, at least for the immediate future. There’s a lot of room for the headline CPI number to surprise on the upside or the downside, and the antipodeans could be shaken up one way or the other.
Analysts at ANZ Bank explained that they estimate that annual CPI inflation eased to 6.6% in Q3, down from 7.3% in Q2:
The following illustrates the market structure as per the hourly time frame for AUD/JPY.
AUD/JPY H1 chart
The price is lofty above a price imbalance and three levels of rise since yesterday's open. There are a lot of longs that have been holding onto their positions which could come under pressure if the data disappoints, setting off a chain reaction of offers. The structure is key at 93.28 as it guards the price imbalance to 93 the figure and a deeper move below there towards level 1 longs below 92.50.
On the other hand, bulls eye 94.00 the figure and price imbalances higher up.
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