AUD/JPY chart - Trading View
Spot Analysis:
AUD/JPY was trading 0.58% lower on the day at 80.96 at around 08:15 GMT
Previous Week's High/ Low: 81.65/ 79.83
Previous Session's High/ Low: 81.51/ 80.77
Fundamental Overview:
Markets remain risk-off amid negative coronavirus headlines from Australia. The new Delta variant cases continue to rise causing concerns about potential lockdowns.
On the data front, China’s Industrial Profits for June eased from 36.4% to 20.00% YoY, exerting additional downside pressure on the AUD.
Risk-off and poor China data weigh on the pair, dragging it lower.
Technical Analysis:
- Price action has broken below 200-DMA support
- GMMA indicator shows major and minor trend are bearish
- Momentum is with the bears, Stochs and RSI are biased lower
- Volatility is high and rising as evidenced by widening Bollinger bands
Major Support and Resistance Levels:
Support - 80.38 (55-week EMA), Resistance - 81.24 (200-DMA)
Summary: Recovery attempts failed to extend break above 200-DMA. Price action is below cloud and major moving averages. The pair eyes next major support at 80.38, break below will see dip till 50% Fib at 79.47.
