What do we expect from AUDJPY movements today? Study this extensive 30 January AUDJPY Fundamental Analysis as it will provide you with necessary guidance.
30 January, GKFX – AUD/JPY gained during the New York market session, settling into the Asia session consolidating around the ¥88.20 price level following disappointing unemployment and household spending data from Japan.
- AUD/JPY makes small headway during New York session
- Japan data disappoints, muted impact
Commodities continue to drive the Australian Dollar, even as a strengthening currency threatens to put a damper on the Reserve Bank of Australia (RBA)’s monetary policy, with inflation still on the lower end of the central bank’s 2-3% target. With households still laden with high levels of consumer debt, the RBA is unlikely to begin raising rates anytime soon.
Japan unemployment up slightly
Japan’s Unemployment Rate data for December showed a small uptick (2.8%, forecast 2.7%), and Household Spending for 2017 also disappointed, showing a 0.1% contraction instead of the anticipated 1.7% growth. The Bank of Japan (BoJ) has anticipated a mild economic slowdown heading into the first half of 2018, and as economic data continues to support that forecast, market expectations of early tapering for the BoJ’s asset purchasing program will continue to get pushed out further into the future.
30 January AUDJPY Fundamental Analysis
AUD/JPY has formed into a rough bullish pennant on H4 and Daily charts, with swing resistance at the ¥89.00 major level, and ascending support from ¥87.30 to ¥87.70.
This article 30 January AUDJPY Fundamental Analysis was written by analysts at GKFX. The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.
If such information is acted upon by you then this should be solely at your discretion and GKFX will not be held accountable in any way.