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- AUD/JPY tests support at 85 levels on poor Australia retail trade data. Breaks below would see weakness upto 84.30 levels.
- Australian retail sales data showed no growth and stayed flat in Feb, coming in much weaker than a 0.4% increase estimated.
- Our previous call (http://www.econotimes.com/FxWirePro-AUD-JPY-weak-on-risk-off-slips-below-strong-trendline-support-good-to-sell-rallies-187818) has hit all targets.
- Pair holding support at 85 levels, breaks below will see resumption of downside.
- Immediate support and resistance are located at 85 and 85.47 (10-DMA) respectively.
Recommendation: Book partial profits, lower stops to 85.50, target 84.70/84.30
