Chart - Courtesy Trading View
Spot Analysis:
AUD/JPY was trading 0.09% lower on the day at 94.21 at around 06:25 GMT
Previous Week's High/ Low: 91.04/ 89.23
Previous Session's High/ Low: 94.38/ 92.84
Fundamental Overview:
Australia’s AiG Performance of Construction Index eased to 50.4 versus 55.9 in May.
Aussie Home Loans and Investment Lending for Homes for April, down -5.8% and -4.8% versus 0.9% and 2.9% respective priors.
Australia’s Services PMI for May rose beyond the 53.0 expected and previous readings to 53.2. Composite PMI also grew to 52.9 from 52.5 prior.
A 25 basis point rate hike by the the Reserve Bank of Australia is fully priced in by the markets at its June 7 meeting.
A hawkish surprise could boost upside for the Australian dollar.
Technical Analysis:
- AUD/JPY cloud break out raises scope for upside in the pair
- MACD and ADX support gains in the pair
- Momentum is bullish, Stochs and RSI are biased higher
- GMMA indicator shows major and minor trend are bullish
Major Support and Resistance Levels:
Support - 93.16 (5-DMA), Resistance - 97.40 (Upper W BB)
Summary: AUD/JPY is consolidating cloud breakout, outlook remains bullish. Scope for refreshing yearly highs above 95.74.


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Major pair currency score: EURUSD, NZDUSD, AUDUSD extremely bearish, USDCAD, USDCHF bullish 



