Key Points
- The Aussie Dollar moved above the 84.00 handle against the Japanese Yen, and following a nice uptrend.
- There is a crucial bullish trend line with support at 83.90 formed on the hourly chart of AUDJPY.
- In Japan today, the Tertiary Industry Index for March 2017 was released by the Ministry of Economy, Trade and Industry.
- The result was below the forecast, as the Tertiary Industry Index posted a decline of 0.2% in March 2017, compared with the last +0.2%.
AUDJPY Technical Analysis
The Aussie Dollar started a nice upside move from the 83.30 swing low against the Japanese Yen. The AUDJPY pair gained pace and managed to move above the 84.00 handle and the 21 hourly simple moving average to establish an uptrend.
The pair recently traded towards 84.50 where it faced resistance. It is currently moving lower, but remains supported near a crucial bullish trend line at 83.90 formed on the hourly chart.
The 21 hourly simple moving average is also acting as a major support at 84.05 and preventing downsides below 84.00. On the upside, a break above 84.50 may push AUDJPY towards 84.85.
Japanese Tertiary Industry Index
Recently in Japan, the Tertiary Industry Index for March 2017 was released by the Ministry of Economy, Trade and Industry. The market was expecting a minor increase of around 0.1% in the index in March 2017, compared with the last month.
The outcome was below the forecast, as the Tertiary Industry Index posted a decline of 0.2% in March 2017, compared with the last +0.2%. Furthermore, the Broad-ranging Personal Services index posted a decline of 0.6% and was down to 104.5. On the other hand, the Broad-ranging Business Services index was up by 0.9% to 103.3 (seasonally adjusted).
Overall, the AUDJPY pair remains in an uptrend, and likely to trade above 84.50 in the near term.
