FxWirePro: AUD/JPY consolidates above 55-EMA, focus on Australia CPI data for impetus

AUD/JPY chart - Trading View 

AUD/JPY was trading largely unchanged at 69.35 at around 09:42 GMT. The pair has bounced off session lows at 69.03, holds support at 55-EMA.

Momentum studies are bullish, however, 'Doji' on the daily candle suggest selling pressure at highs.

Analysis of GMMA indicator shows major trend is neutral, while minor trend is bullish.

Breakout above daily cloud and 55-EMA reinforces upside bias. The pair is on track to test 61.8% Fib at 70.17.

Australia inflation data (due Wednesday at 01:00 GMT) will be in focus for further impetus.

Price continues to remain at the mercy of risk trends, turnaround in the risk sentiment can support further gains.

Break above 61.8% Fib eyes 110-EMA (70.57). On the flipside, failure to hold above 55-EMA negates any bullish bias. 

Support levels - 68.90 (55-EMA), 68.10 (21-EMA), 67.82 (20-DMA)

Resistance levels - 70.17 (61.8% Fib), 70.36 (21W EMA), 70.57 (110-EMA)