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FxWirePro: AUD/JPY hovers around 50-DMA after poor NAB business confidence data, weakness seen on break below

Aussie under fresh selling pressure after poor NAB's business confidence data. Upbeat China CPI data ignored. China’s consumer price inflation accelerated, but at its weakest pace in six months. AUD/JPY off Monday's high…

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FxWirePro: AUD/JPY hovers around 50-DMA after poor NAB business confidence data, weakness seen on break below
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  • Aussie under fresh selling pressure after poor NAB's business confidence data.
     
  • Upbeat China CPI data ignored. China’s consumer price inflation accelerated, but at its weakest pace in six months.
     
  • AUD/JPY off Monday's high, hovers around 50-DMA at 78.09, weakness likely on break below.
     
  • Pair is holding minor support at 78.03, break below could drag the pair to next major support at 77.62.
     
  • Upside finds resistance at 78.61 (20-DMA), 78.67 (Aug 8 high) and 79.15 (July 28 high).
     
  • Close above 78.61 required for upside to resume.
    ​

Recommendation: Go short on break below 78.00, SL: 78.60, TP: 77.62
 

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