FxWirePro: AUD/JPY finds strong support at 55-EMA, weakness likely on break below

AUD/JPY chart on Trading View used for analysis

• AUD/JPY retraces below 110.-EMA, trades 0.32% lower on the day at 81.42 at the time of writing.
   
• Aussie dented after building permits tanked in July, fell sharply, missing the expectations by a big margin.
   
• Australia's building permits fell 9.4 percent m/m in July, missing forecasts for a rise of 1 percent.
   
• The annualized figure came in at -13.6 percent, compared to estimate -2.5 percent. Poor data bolstered the already bearish tone in the AUD. 
   
• Technical studies on intraday charts have turned bearish. Upside capped at 110-EMA.
   
• Pair is currently holding support at 55-EMA support at 81.36, scope for weakness till 20-DMA on break below.

Support levels - 81.36 (55-EMA), 80.94 (20-DMA), 80.62 (June 19 low)
Resistance levels - 81.82 (5-DMA), 81.92 (110-EMA), 82

FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at -81.0503 (Bearish), while Hourly JPY Spot Index was at 12.5791 (Neutral) at 1215 GMT.

For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.