FxWirePro: AUD/JPY holds minor trendline support at 78.65, downside to resume on break below
AUD/JPY keeps losses, as RBA Governor Stevens’ speech failed to lift the sentiment around the AUD. Stevens reinforced his pledge to combat lower inflation levels by deploying appropriate monetary policy framework, and th…
AUD/JPY keeps losses, as RBA Governor Stevens’ speech failed to lift the sentiment around the AUD.
Stevens reinforced his pledge to combat lower inflation levels by deploying appropriate monetary policy framework, and thereby justifying his May rate cut stance.
AUD/JPY hit lows of 78.58 after breaking major support at 79.17 and is currently trade around 78.65 levels.
Momentum studies are bearish, RSI and stochs are biased lower. Downside now sees next major support at 78.65, breaks below could see test of 78.30 (trendline).
On the upside resistance is seen at 79, 79.16 (4H 5 SMA), and then at 79.25 (trendline).
