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EUR/JPY, USD/JPY slip amid higher Japan inflation while AUD/USD recovers further

EUR/JPY, USD/JPY slip amid higher Japan inflation increasing the likelihood of a BoJ rate hike while AUD/USD recovers further.

Yen Source: Adobe images
Forex Shares Japanese yen EUR/JPY United States dollar USD/JPY
Written by: Axel Rudolph | Market Analyst, London
Publication date:

EUR/JPY drops further still

EUR/JPY's tumble has taken it close to the late September low at ¥158.11 which may offer support. If not, the 12 September high at ¥157.71 may be reached next.

Resistance can still be found between the 19 November low and the 55-day simple moving average (SMA) at ¥161.49-to-¥162.45.

EUR/JPY chart Source: TradingView
EUR/JPY chart Source: TradingView

USD/JPY slips further still

USD/JPY slip through the 200-day SMA at ¥151.95 neutralised our medium-term forecast. The 55-day SMA at ¥149.91 offers short-term support. Below it the ¥149.40 mid-August high may do so as well.

Minor resistance above Wednesday's ¥150.46 low can be seen along the 200-day SMA at ¥151.95.

USD/JPY chart Source: TradingView
USD/JPY chart Source: TradingView

AUD/USD recovers from support

AUD/USD still recovers from its November low at $0.6435 with the September-to-November downtrend line and Monday's high at $0.6546-49 in sight. Minor support sits at Friday's $0.6472 low.

AUD/USD chart Source: TradingView
AUD/USD chart Source: TradingView

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. Clients can lose more than they deposit. All trading involves risk.

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