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AUD/JPY Technical Analysis: bid tone weakens on dismal Aussie building approvals

The AUD/JPY pair has pulled back 30 pips from the session high of 78.00 in the last few minutes, possibly on the back of a weaker-than-expected Aussie housing data.

Building approvals tanked 9 percent month-on-month in November, beating the estimated drop of 0.5 percent by a big margin. Notably, the annualized drop of 32.8 percent has been the worst since August 2013.

The data is indeed negative for the Aussie dollar. The AUD/JPY cross, however, is still holding above the crucial support of the 50-hour moving average (MA).

Hourly chart

  • As seen above, the pair bounced off from the 50-hour MA in the overnight trade and rose to 78.00 ahead of the housing data release, reinforcing the bullish view put forward by the higher lows.
  • A break below the 50-hour MA, therefore, would invalidate the immediate bullish outlook.

Trend: Bullish above 50-hour MA

AUD/JPY

Overview:
    Today Last Price: 77.69
    Today Daily change: 4.0 pips
    Today Daily change %: 0.0515%
    Today Daily Open: 77.65
Trends:
    Previous Daily SMA20: 78.65
    Previous Daily SMA50: 80.7
    Previous Daily SMA100: 80.61
    Previous Daily SMA200: 81.52
Levels:
    Previous Daily High: 77.84
    Previous Daily Low: 77.29
    Previous Weekly High: 78.08
    Previous Weekly Low: 70.71
    Previous Monthly High: 84.05
    Previous Monthly Low: 77.15
    Previous Daily Fibonacci 38.2%: 77.5
    Previous Daily Fibonacci 61.8%: 77.63
    Previous Daily Pivot Point S1: 77.34
    Previous Daily Pivot Point S2: 77.04
    Previous Daily Pivot Point S3: 76.79
    Previous Daily Pivot Point R1: 77.9
    Previous Daily Pivot Point R2: 78.15
    Previous Daily Pivot Point R3: 78.45

 

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