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AUD/JPY chart - Trading View
Technical Analysis: Bias Turning Bearish
- AUD/JPY was trading 0.38% lower on the day at 81.38 at around 11:45 GMT
- The pair has found stiff resistance at 200-DMA, any further gains only on break above
- Price action has slumped below after Doji formation on the previous session's candle
- The pair is hovering above 55-EMA support at 81.26, break below will see more weakness
Fundamental Overview:
The Reserve Bank of Australia (RBA) at its monetary policy meeting on Tuesday, kept the benchmark interest rate at 0.1% in line with the market consensus.
The central bank said to purchase government securities at rate of Australian dollar (AUD) 4.0 billion a week until at least mid February 2022.
The Aussie pair initially jumped over 30 pips, however, souring risk appetite and dovish statement dragged the pair lower.
The statement that followed showed the central bank's commitment to maintain highly supportive monetary conditions reflect potential delay in recovery and uncertainty of Delta outbreak.
Support levels - 81.26 (55-EMA), 80.91 (38.2% Fib), 80.65 (21-EMA)
Resistance levels - 81.75 (110-EMA), 82.00 (200-DMA), 82.52 (Cloud top)
Summary: AUD/JPY uptrend found rejection at 200-DMA. After Doji formation on Monday's candle, the pair is extending downside. Break below 55-EMA will drag the pair lower. Dip till 21-EMA at 80.65 likely.
