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.
