FxWirePro: AUD/JPY consolidates previous session's slump, break below 21-EMA to see further weakness

AUD/JPY chart - Trading View 

AUD/JPY consolidates previous session's slump as markets await China Q1 GDP data.

The pair was trading largely rangebound on the day after closing 1.77% lower in the previous session.

Focus on China first-quarter GDP data due Friday at 02:00 GMT. China's GDP figures are expected to show a contraction of 6%. 

Deeper damage to the economy could drive commodity currencies lower. If Beijing reports slower contraction than expected, Australian dollar may be one of the biggest beneficiaries.

After back to back 'Doji' formations at stiff resistance at 55-EMA and daily cloud, the pair slumped overnight to break below 5-DMA.

Signs of upside exhaustion in the pair. Oscillators are on verge of rollover from overbought levels.

GMMA indicator shows major trend in the pair is neutral and minor trend is slowly fading upside.

21-EMA is major support at 67.46. Break below will drag prices lower. Dip till next support at 20-DMA at 66.73 likely.

On the flipside, breakout at 55-EMA resistance (69.00) to see bearish invalidation. Next resistance lies at 61.8% Fib at 70.17 and then 200-DMA at 72.74.