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AUD/JPY: Loss of 102.00 warrants caution

FXStreet (Bali) - AUD/JPY is trading in a slim consolidation range below 102.00, after last Friday's spike to 102.80 proved short-lived.

The Chinese rate cut story is no longer supporting the Aussie, prove that the market remains concerned about China's growth and low inflation prospects.

Technically, while the broader trend remains bullish, the loss of 102.00 communicates that further downward pressures towards 101.50 might be seen now, with a break of 101.80 required to accelerate losses. On the upside, a break and hold above 102.00 is needed to improve the near term bullish outlook.

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