Key Points
- The Aussie dollar recently struggled against the Japanese Yen, and broke a major support at 81.90.
- There is a tiny bearish trend line formed with resistance at 81.95 on the hourly chart of AUDJPY, which may act as a hurdle moving ahead.
- Earlier today in Australia, the Westpac Leading Index for March 2017 was released by the Melbourne Institute.
- The outcome was better, as the Westpac Leading Index rose 0.1% in March 2017, compared with the last -0.1%.
AUDJPY Technical Analysis
The Aussie dollar was under a lot of pressure during the past two sessions against the Japanese Yen, and as a result, it broke a major support at 81.90. The AUDJPY pair traded as low as 81.61, and currently attempting a recovery.
The current recovery attempt may fail near the broken support at 81.90 or near a tiny bearish trend line formed with resistance at 81.95 on the hourly chart of AUDJPY.
On the downside, a break below 81.60 may call for more losses, and the pair could even trade towards the 81.20 support area.
Australis’ Westpac Leading Index
Today in Australia, the Westpac Leading Index for March 2017 was released by the Melbourne Institute. The forecast was lined up for no major increase in March 2017, compared with the last -0.1.
The result was better, as the Westpac Leading Index rose 0.1% in March 2017, compared with the last -0.1%. Commenting on the report, the Westpac’s Chief Economist, Bill Evans, stated, “This marks the eight consecutive month where the growth rate in the Index is at or above trend. That followed a period of fifteen consecutive months where the growth rate had been below trend. That sustained period of below trend growth in the series had been pointing to the weakness we saw in the economy in the September quarter”.
Overall, the AUDJPY pair is not impressed, it may correct a few higher, but most likely to face offers near the 81.90 and 82.00 levels.
