AUD/JPY Price Analysis: China PMI-led rebound approaches 92.00 support-turned-resistance

AUD/JPY recovers from two-week low after strong China activity data for February.
Previous support line from January 19 joins bearish MACD signals, steady RSI (14) to challenge bulls.
Fresh selling needs a clear break of 91.30 to aim for 50-DMA.

Anil Panchal FXStreet

AUD/JPY picks up bids to refresh intraday high around 91.80, reversing the initial fall to the fortnight’s low, as strong data from Australia’s key customer favor pair buyers during early Wednesday.

China’s Caixin Manufacturing PMI rose to 51.6 versus 50.2 expected and 49.2 for February. In doing so, the private manufacturing activity gauge traced the official numbers. Earlier in the day, China NBS Manufacturing PMI jumped to 52.6 compared to 50.5 market forecasts and 50.1 prior. More importantly, Non-Manufacturing PMI rallied to 56.3 versus analysts’ expectations of 49.7 and 54.4 previous readings.

With this, the cross-currency pair rises towards the support-turned-resistance line stretched from January 19, close to 92.00 by the press time.

The pair’s data-led bounce, however, lacks support from the MACD and RSI (14), as well as the GDP and inflation numbers from Australia. As a result, the AUD/JPY recovery remains doubtful.

Even if the AUD/JPY pair crosses the 92.00 hurdle, the 200-DMA level surrounding 93.15 appears a tough nut to crack for the bulls.

Alternatively, an immediate horizontal area near 91.30 precedes the 91.00 round figure and the 50-DMA support of near 90.95 to restrict the short-term AUD/JPY downside.

Following that, February’s low of 90.23 and the 90.00 psychological magnet will be in focus.

AUD/JPY: Daily chart

Trend: Limited recovery expected

additional important levels

Overview
Today last price	91.78
Today Daily Change	0.22
Today Daily Change %	0.24%
Today daily open	91.56

Trends
Daily SMA20	91.79
Daily SMA50	90.9
Daily SMA100	92.11
Daily SMA200	93.13

Levels
Previous Daily High	92.2
Previous Daily Low	91.56
Previous Weekly High	93.01
Previous Weekly Low	91.31
Previous Monthly High	93.06
Previous Monthly Low	90.24
Daily Fibonacci 38.2%	91.8
Daily Fibonacci 61.8%	91.95
Daily Pivot Point S1	91.35
Daily Pivot Point S2	91.14
Daily Pivot Point S3	90.72
Daily Pivot Point R1	91.99
Daily Pivot Point R2	92.41
Daily Pivot Point R3	92.62

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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