Chart - Created Using FXCM Marketscope 2.0
AUD/JPY may continue to face range-bound prices over the coming days should Australia’s Gross Domestic Product (GDP) report highlight a slowing recovery. Even though Australia is anticipated to expand another annualized 2.5% in the fourth-quarter, an unexpected slowdown in economic activity may fuel speculation for lower borrowing-costs especially as the Reserve Bank of Australia (RBA) keeps the door open to implement additional monetary support. With AUD/JPY still capped around 81.90 (23.6% retracement), a dismal development may spur a move back towards near-term support around 79.50 (161.8% expansion).
Get our top trading opportunities of 2016 HERE
--- Written by David Song, Currency Analyst
To contact David, e-mail dsong@dailyfx.com. Follow me on Twitter at @DavidJSong.
To be added to David's e-mail distribution list, please follow this link.
Trade Alongsidethe DailyFX Team on DailyFX on Demand
