• AUD/JPY declined on Wednesday after weaker-than-expected economic growth raised expectations for earlier interest rate cuts by RBA.
• Australia's GDP rose 0.3% in Q3, missing market expectations of 0.4%, according to data from the Australian Bureau of Statistics (ABS).
• Markets now fully price in a 96% chance of a rate cut in April, up from 73%, and expect a 35 basis point easing in May, compared to 28 bps previously.
• Immediate resistance is located at 97.16 ( 38.2% fib), any close above will push the pair towards 98.17 (50% fib)
• Support is seen at 95.93(23.6%fib) and break below could take the pair towards 95.67 (Lower BB).
Recommendation: Good to sell around 96.70, with stop loss of 97.30and target price of 95.70
