FxWirePro: AUD/JPY Daily Outlook

AUD/JPY chart - Trading View 

AUD/JPY was trading 0.52% higher on the day at 68.04 at around 03:00 GMT, slightly lower from session highs at 68.47.

The pair was buoyed earlier by upbeat Australia's preliminary retail sales data for March which showed a big rise in consumer spending. 

However, bulls struggling to extend gains amid wide-spread risk off, evident in bearish impulses in global stock prices.

Investors unlikely to buy into the optimism of easing of the economic lockdowns as an impending economic gloom revives fresh bearish impulse.

The data has failed to bolster bullish pressures around AUD/JPY, further upside likely limited.

Sentiment is currently not favorable for growth-linked currencies like the AUD, scope for downside resumption.

GMMA does not provide clear trend. Stochastics RSI and the parabolic SAR support weakness.

Upside capped at daily cloud and 55-EMA resistance. The pair is currently holding support at 21-EMA at 67.67. 

Decisive break below 21-EMA will see downside resumption. Bears could target lower BB at 64.73. Bearish invalidation only above 55-EMA.