FXWIREPRO: AUD/JPY Holds Above Strong Trendline Support at 80.75, Weakness to Resume on Breaks Below 80.75

FXWIREPRO: AUD/JPY Holds Above Strong Trendline Support at 80.75, Weakness to Resume on Breaks Below 80.75

• Our previous call (http://www.econotimes.com/FxWirePro-AUD-JPY-holds-cloud-top-support-at-8290-good-to-go-short-on-breaks-below-190866) has hit all targets. 
• Momentum studies are still bearish. Further downside on charts. Pair finds strong trendline support at 80.75. Weakness to resume on breaks below. 
• Aussie largely unchanged after the release of Chinese March CPI which slightly missed forecasts. 
• China March CPI was up 2.3% y/y vs expectations at 2.4%. At the same time, the PPI arrived as -4.3% y/y vs an expected -4.6%.  
• Australia released the February Home loans at the same time arriving +1.5%m/m vs expected 2.0% but vs -4.4% prior. 
• Resistance for the pair is seen at 82.12 (cloud base) ahead of 82.18 (5-DMA) and then 82.47 (Apr 8th highs). 
• On the downside supports are located at 81.10 (Apr 8th lows), 80.75 (rising trendline) and 80.69 (Apr 7th lows).
  

Recommendation: Book full profits and exit trade. Fresh shorts advised only on breaks below 80.75, target 79.60 

The material has been provided by InstaForex Company - www.instaforex.com