FxWirePro: AUD/JPY pauses 4 straight session's of downside, outlook bearish

AUD/JPY chart - Trading View 

AUD/JPY was trading 0.40% higher on the day at 82.74 at around 10:00 GMT. The pair has paused 4 straight session's of downside, but outlook remains bearish.

Aussie depressed, losses ground across the board after downbeat Australia Retail Sales data.

Retail Sales released by the Australian Bureau of Statistics shows preliminary Aussie Retail Sales for May drops to 0.1% month-on-month, below 0.7% market consensus and 1.1% prior.

Poor data justifies the market fears of the negative economic impact of Victoria’s snap lockdown, keeping traders wary. 

Also, weighing on the antipodeans was the People’s Bank of China’s (PBOC) decision to keep the benchmark interest rate unchanged near 3.85%.

The PBoC left the key rates unchanged once again despite recently suggesting the pause in the further easy monetary policy, denting market sentiment.

Price action is consolidating break below 110-EMA, scope for further downside. The pair closed below 21W EMA on the previous week's trade.

Momentum is bearish. Volatility is high as evidenced by widening Bollinger bands. Scope for dip till 200-DMA at 80.36.