FxWirePro: AUD/JPY breaks major support at 77 level, good to sell on rallies

• AUD/JPY has breached major trendline support at 77 levels and hit session lows of 76.51 after RBA stays on hold.
   
• RBA Board decided to leave the cash rate unchanged at 1.75 percent, as widely expected and said that inflation is quite low and would remain that way for some time.
   
• Regarding the exchange rate, the RBA said that a rising A$ could complicate economic rebalancing.
   
• Data released earlier today was also weak, retail sales growth continued the weak trend in May, rising just 0.2% m/m after a downwardly-revised 0.1% rise in April.
   
• Consumer confidence has slipped a little in recent weeks and the uncertain political environment both domestically and abroad is likely to weigh on confidence going forward.
   
• Australia election vote count has begun again, although nothing conclusive has come through so far. 
   
• On the 2-hourly charts AUD/JPY has slipped below 20-SMA at 76.98, Stochs and RSI are biased lower.
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Recommendation: Good to sell rallies around 76.75/80, SL: 77.30, TP: 76.40/ 76