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AUS CPI - AUD/JPY Topping within a Bullish Channel

Inflation data for Australia in Q1 was lower than expected and the AUD/USD fell.

Topping?
The AUD/JPY also looks bearish in the near-term especially if it falls below a consolidation support around 94.80. However, considering that AUD/JPY has been bullish since mid-January, we should consider buying on a dip.


(audjpy 4h chart, 4/23)

Consolidation support:
The to the lower CPI data prevented AUD/JPY from attacking the 96.50 high and instead dragged down it to the 94.80 support pivot. We can see the pair consolidating throughout April, and a break below 94.80 can open up some further downside risk, but this bearish outlook should be limited to a rising channel support seen in the daily chart.


(audjpy daily chart, 4/23)

Bullish continuation:
After the current bearish attempt, we should look for a bullish continuation attempt if the daily stochastic dips then comes up from below 20 and daily RSI turns up from 40.
A bullish market should not push below 93.00, and should probably find support even higher, closer to 93.50, or the channel support mentioned before.