FxWirePro: AUD/JPY Daily Outlook

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FxWirePro: AUD/JPY Daily Outlook

Wednesday, June 29, 2022 6:23 AM UTC

Chart - Courtesy Trading View

AUD/JPY was trading 0.37% lower on the day at 93.64 at around 06:15 GMT

The pair is extending range trade above 21-EMA support, break below will see weakness

GMMA indicator shows major trend is bullish, while minor trend has gone neutral

Australia Retail Sales reprints 0.9% MoM growth, versus the market consensus of 0.4%, for May.

That said, fears surrounding global recession and the increasing inflation woes weigh on the antipodeans.

Western sanctions on Russia and tough conditions for China at the NATO meeting likely to exert additional downside pressure.

Major Support Levels:

S1: 93.56 (21-EMA)

S2: 92.28 (55-EMA)

Major Resistance Levels:

R1: 94.18 (20-DMA)

R2: 96.06 (Upper BB)

Summary: AUD/JPY pivotal at 21-EMA support. Technical indicators do not provide a clear direction. Watch out for break below 21-EMA for further weakness.

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