AUD/JPY has been trading in a bullish bias as it remained above 82.90 support level. Fundamentally, AUD is quite stronger than JPY that is displayed in the chart as well. Today Japan's Bank Lending report was published with the unchanged score at 3.0% which was expected to increase to 3.2%. Japan's Current Account report also showed a downward figure at 1.73trln which was expected to be at 1.75trln. Besides, Economic Watchers statement showed a minor increase to 48.1 which was expected to be at 47.9. On the other hand, Australia does not have any economic events today but the Retail Sales negative report which was published on Tuesday, has not affected the AUD gain against JPY recently. Currently, AUD is expected to advance further against JPY if Japan does not post any negative fundamental data in the coming days.
Now let us look at the technical chart. The price is currently above 20 EMA and 82.90 support level which signals that the bulls are quite strong against bears above these levels. Currently we are expecting bullish move with a target towards the next resistance at 85.50-86.00. As the price remains above 82.90, the bullish bias is expected to continue the journey towards 85.50-86.00 resistance area. If the price breaks below 82.90 with a daily close, then we will change our bullish bias to bearish. Until then we are in bullish bias in this pair.
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