AUD/JPY: Risk Of Further Losses In Aussie Dollar Vs. Yen
Key Highlights · Aussie dollar recently traded higher vs the Japanese yen, but the real question is whether it can continue to gain bids. · There was a bearish trend line formed on the hourly chart of the AUD/JPY pair, which was cleared by the bulls during the upside move. · Australian Building Permits released by the Australian Bureau of Statistics posted an increase of 3% in April 2016. · Australian Current Account Balance came in at -20.8B in Q1 2016, compared with the last reading of -21.1B.
AUD/JPY Technical Analysis The Aussie dollar as mentioned traded higher vs the Japanese yen recently, and it was more due to the weakness of the Japanese yen. The AUD/JPY pair broke a major resistance area near 79.40, as there were a couple of bearish trend lines positioned around the stated level.
AUD/JPY Hourly Chart
Moreover, the pair also settled above the 100 and 200 hourly simple moving average, which is a positive sign for the bulls.
On the upside, an initial resistance is at 80.35, and on the downside, 80.00 may act as a support area for the AUD/JPY pair.