FxWirePro: AUD/JPY holds 21-EMA support, weakness only on break below

AUD/JPY chart - Trading View 

AUD/JPY was trading 0.27% higher on the day at 80.052 at around 09:50 GMT. The pair has held strong support at 21-EMA and any weakness likely only on break below.

The Australian dollar was dented post RBA Governor Lowe's dovish comments, but upbeat Chinese Caixin Services PMI data kept downside limited. 

On the data front, Australia’s December Building Permits rose past-15.0% YoY and 2.6% MoM figures to 22.8% and 10.9% respectively. Also, Commonwealth Bank Services PMI eased to 55.6 from 55.8 previous mark.

Price action on the day is currently showing choppy trade along 200H MA, decisive break above will see upside continuation.

Technical indicators do not support weakness in the pair. Major trend as per GMMA indicator is bullish. RSI is above 50 and Stochs are turning bullish.

Bounce off 21-EMA support raises scope for upside. 20-DMA is minor resistance at 80.15. Break above will see upside resumption. Next major bull target lies at 78.6% Fib at 83.79.