FxWirePro: AUD/JPY struggles at 55-EMA, upside only on break above

AUD/JPY chart on Trading View used for analysis

• AUD/JPY is trading largely unchanged on the day at 78.80 at 1050 GMT.
  
• The pair finds stiff resistance at 55-EMA at 79.02, further upside only on break above.
  
• Aussie under pressure after RBA minutes reiterate uncertain economic outlook.
  
• As per the minutes, uncertainty on economic outlook mainly driven by consumption remains a problem for the bank.
  
• The RBA reiterated the initial meeting statement saying “Probabilities around rate change scenarios were more evenly balanced than before".
  
• Technical indicators for the pair are with a neutral bias. Breakout at 55-EMA will raise scope for upside.
  
• Next major resistance lies at 110-EMA at 79.81 ahead of 78.6% Fib at 81.04.
  
• On the flipside, 5-DMA is immediate support at 78.74. Break below 21-EMA at 78.57 could see dip till 77.44.

Support levels - 78.74 (5-DMA), 78.57 (21-EMA), 77.44 (Feb 8 low)

Resistance levels - 79.02 (55-EMA), 79.81 (110-EMA), 81.04 (78.6% Fib)

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.