AUD/JPY Price Analysis: Ignores downbeat prints of second-tier Aussie data above 75.00
- AUD/JPY bounces off 75.34 after dismal prints of Aussie Building Permits.
- Sluggish prints of Australia’s Import Price Index and Export Price Index for Q2 also gets a few audiences.
- 200-HMA offers immediate resistance inside the short-term rising wedge.
AUD/JPY seesaws around 75.40 during the Asian session on Thursday. The pair recently shrugged off Australia’s June month Building Permits and the second quarter (Q2) details of Import and Export Price Indexes.
Aussie Building Permits slumped past-0.0% forecast to -4.9% while Import Price Index dropped 1.9% versus -1.0% prior. Further, the Export Price Index reversed the previous 2.7% gains of the first quarter (Q1) with -2.4% figures.
Even so, a 200-HMA level of 75.60, followed by the upper line of a short-term rising wedge bearish formation near 75.65, will keep the pair’s immediate advances under check.
Additionally, a downward sloping trend line from July 22, at 75.82 now, will also be the key upside barrier to watch during the quote’s additional rise.
On the contrary, a downside break below 75.10 will confirm the bearish pattern, which in turn can attack 75.00 as immediate support ahead of aiming for July 24 bottom near 74.85.
AUD/JPY hourly chart
Trend: Pullback expected
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.
