AUD/JPY drops from 91.40 despite hawkish RBA’s policy statement


  • AUD/JPY has slipped sharply from 91.40 despite RBA continuing a hawkish monetary policy ahead.
  • Australian inflation has driven higher in December led by rising fuel prices, series demand, and electricity prices.
  • Japan’s government is planning to announce the new BoJ governor nominee and two deputy governor nominees on Feb. 14.

The AUD/JPY pair has sensed selling pressure after printing an intraday high above 91.40 in the Asian session. The Australian Dollar has met offered despite the hawkish monetary policy statement by the Reserve Bank of Australia (RBA).

Australian inflation has driven higher in December led by rising fuel prices, series demand, and electricity prices. Electricity prices rose by 7% in December due to the unwinding of rebates in Western Australia.

On growth forecasts, RBA policymakers have projected a Gross Domestic Product (GDP) growth to have been 2.75% in 2022 and to be 1.5% over both 2023 and 2024.

On the Japanese Yen front, investors are awaiting the list of nominations for the successor Bank of Japan (BoJ) Governor Haruhiko Kuroda. Analysts at Commerzbank believe “The nomination, which is expected to take place next week, is likely to upset the Yen exchange rates quite heavily, regardless of which candidate will emerge as the favorite.”

Meanwhile, Japanese Prime Minister Fumio Kishida said, “The administration is in process of choosing the next BoJ Governor nominee, they are mindful of very strong market attention on the decision.” He further added, “It has become more important for someone like the new BoJ governor to have strength in communication.”

An update from Reuters states Japan’s government is planning to present the new Bank of Japan governor nominee and two deputy governor nominees to parliament on Feb. 14

AUD/JPY

Overview
Today last price 91.38
Today Daily Change 0.14
Today Daily Change % 0.15
Today daily open 91.24
 
Trends
Daily SMA20 90.98
Daily SMA50 90.83
Daily SMA100 92.25
Daily SMA200 93
 
Levels
Previous Daily High 91.6
Previous Daily Low 90.92
Previous Weekly High 92.66
Previous Weekly Low 90.24
Previous Monthly High 92.82
Previous Monthly Low 87.41
Daily Fibonacci 38.2% 91.34
Daily Fibonacci 61.8% 91.18
Daily Pivot Point S1 90.91
Daily Pivot Point S2 90.58
Daily Pivot Point S3 90.24
Daily Pivot Point R1 91.58
Daily Pivot Point R2 91.93
Daily Pivot Point R3 92.26

 

 

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