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Forex: AUD/JPY edging lower towards support at 99.90

FXstreet.com (Barcelona) - The AUD/JPY is trading in a narrow range so far during the Asia session, down 39 pips at 100.35. Economic data will be light in the coming session with both China and Japan closed for the day. Later on in the day we will get CPI data out of Germany and Pending Home Sales out of the US.

The FXStreet.com Trend Index remains slightly bearish on the daily chart, while the OB/OS index reads neutral. The RSI (14) is sitting at 48.50, consolidating between the 40 and 60 levels. Short term moving averages are in bearish set up, with price sitting below both the 9 and 20 dma’s.

The pair is sitting just above the short term uptrend support line at 99.90. This is the lower end of the recent trading range and will be worth keeping an eye on in coming sessions. A move below here could open the doors to 98.60 (support from April 15th). Initial resistance sits at 101.60 (the 9dma), followed by 102.50 (resistance from April 26th).

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