FxWirePro: AUD/JPY capped below 5-DMA, Aussie dampened following weak building permits data

AUD/JPY chart - Trading View 

• AUD/JPY on track to close in the red for the 3rd straight week, bias bearish.
   
• Price action has fallen below daily cloud and major moving averages.
   
• Aussie dampened following the release of the weak Australia building permits data.
   
• Australia Building Permits fell 15.5% in March, almost reversing the 19.1% rise seen in February. The markets were expecting a drop of 14%.
   
• Weaker-than-expected data will likely strengthen the dovish RBA expectations, raising probability of a rate cut on Tuesday.
   
• Scope for further weakness. Next major support lies at 77.55. Break below finds next support at 76.85.
   
• 5-DMA is sharply lower. Upside capped below 5-DMA, break above eyes 21-EMA at 78.90.

Support levels - 77.61 (lower BB), 76.85 (38.2% Fib), 76

Resistance levels - 78.29 (5-DMA), 78.90 (21-EMA), 79

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.