AUD/JPY has shown bullish exhaustion in recent trading days. Currently, the price is residing just above 82.90 support level. As of Reserve Bank of Australia's Monetary Policy Statement published today which was dovish in nature which made AUD lose some grounds against JPY. Along with Monetary Policy Statement report today, AIG Construction Index report was also published today with an increased value at 51.9 which previously was at 51.2. On the other hand, JPY having Bank Holiday for the whole day is gaining over AUD today and it is expected that JPY may dominate AUD in the coming trading days. In the meantime, if AUD could show positive economic reports in coming days then we might see a different picture or else JPY is expected to dominate AUD in the coming days.
Now let us look at the technical view, the price is currently residing just above the support level of 82.90 and if we see a daily close above 82.90 today we will be looking forward to buying with a target towards 86.20 resistance. On the other hand, if the price breaks and closes below 82.90 with a daily close then we will be looking forward to selling with a target towards 81.60. For getting into a decision, daily close today is very important to predict the future moves in this pair.
