FxWirePro: AUD/JPY Daily Outlook
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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