- AUD/JPY pares losses and turns positive after Australia Capex data showed firms plan to spend more than expected.
- Upbeat Capex plans helped shrug off the negative headline number and retail sales weakness.
- AUD/JPY retraced brief dip below 50-DMA and is 0.19 pct higher on the day, currently trading around 77.87.
- Intraday bias is higher, scope for test of 78.60 (major trendline) and then 100-DMA at 78.97.
- Major support levels - 77.57 (50-DMA), 77.69 (5-DMA), 77.26 (20-DMA).
- Major resistance levels - 78, 78.60 (trendline), 78.97 (100-DMA), 79, 79.15 (July 28 high).
Recommendation: Good to go long on dips around 77.75/80, SL: 77.25, TP: 78/ 78.60/ 79
