FxWirePro: AUD/JPY depressed at trendline resistance, outlook bullish as long as pair holds above cloud

AUD/JPY chart - Trading View 

AUD/JPY was trading largely muted at 76.85 at around 07:30 GMT, after closing unchanged in the previous session.

The Australian dollar remains depressed after a big miss on the Australian Q3 Capex data, denting upside in the pair.

Data released earlier today showed Australia Private New Capital Expenditure fell by 3% in Q3, following a 5.9% slide in Q2, more than a 1.5% decline expected.

The pair was extending consolidation above daily cloud, bias remains bullish. Hopes for swift global economic recovery on potential vaccines are likely to keep risk assets supported. 

Break above 77.0 (trendline resistance and psychological level) to see upside resumption. Next bull target aligns at 61.8% Fib at 78.67 ahead of 200W MA at 79.31. 

Bias is likely to remain bullish as long as pair holds above cloud support. Break below cloud will see dip till 74 levels.