Forex Marketz Daily Forex News – Fully Markets Update
The Australian dollar has edged higher against the Japanese yen during the Asian trade session on Tuesday. The AUD/JPY currency exchange rate looks constructive to challenge a descending trend line as it consolidates in a narrow trading range as seen on the above daily MT 4 price chart.
Overnight into Wednesday, on the economic calendar, Japan will publish monthly preliminary machine tool orders as well as money supply data. On the Australian economic docket, Westpac will publish monthly consumer sentiment data.
The United States will release their JOLTS jobs openings and monthly trade balance data. On the European calendar, Germany will release monthly industrial production figures and Italy is publishing monthly retail sales data.
Also on the euro area calendar, the ZEW economic research institute will release their Germany and the euro area economic sentiment index. On the UK calendar, BRC will publish their retail sales monitor and Bank of England MPC member Andy Haldane is speaking.
Daily Australian Dollar Technical Analysis (AUD/JPY)
The Australian dollar is trading below a congestion zone at 84.90 to 84.85. This is the first upside hurdle for the AUD/JPY Forex market before the falling trend line in play since the high price point at 85.80 yen.
With that said, a daily close above 84.80 yen opens the door for the 3 June high price point at 85 yen. The next upside barrier would then line up at 85.20 yen.
Looking at the 14 day MACD momentum indicator which is above its mid-point and looking neutral. However, the Australian dollar could still drift towards the 11 May high price point at 85.45 yen.
On the downside, a daily close below 84.70 yen opens the door to challenge the 38.3 percent Fibonacci level. This downside barrier is at 84.50 yen.
The fifty day simple moving average lines up at 84.35 yen with the next downside barrier in play at the 61.8 percent Fibonacci level. This level is near the round number of 84 yen.
