AUD/JPY Price Analysis: Bulls struggle below 93.00 following the release of Australian Q1 GDP and Chinese PMI
As buyers contend with the 61.8 percent Fibonacci retracement line, AUD/JPY falls from its monthly high. Overbought RSI (14) and weekly resistance line also present obstacles for bulls. The 200-SMA holds the key to entrance for bears, but the rising trend line from mid-May seems to provide significant support.

AUD/JPY bulls take a pause at a one-month high, despite Australia and China reporting better-than-expected data on Wednesday morning. At press time, the cross-currency pair is vying with a one-week-old resistance around 92.80-75.
The Gross Domestic Product (GDP) of Australia increased by 0.8% in the first quarter (Q1), compared to the predicted 0.7% increase and the previous 3.4% increase. The annualized GDP also climbed by 3.3% compared to the market consensus of 3.0% YoY and earlier estimates of 4.2%. In addition, China's Caixin Manufacturing PMI surpassed expectations of 47 and earlier readings of 46, increasing to 48.1.
Recent AUD/JPY weakness may be attributable to the overbought RSI circumstances and the one-week-old rising trend line at 92.80.
However, the quotation retains the prior breaks of the 200-SMA and a downward sloping trend line from late April, which drives sellers back. Thus, AUD/JPY bulls appear to be running out of steam but are not yet out of the game.
It is important to note that late April's swing high at 93.50 and May's top at 94.03 are further obstacles for the pair buyers if they manage to overcome the immediate resistance around 92.80.
In contrast, a convergence of the 200-day simple moving average and the 50 percent Fibonacci retracement of the loss from April 20 to May 12 at 91.60 inhibits the pair's short-term declines.
Then, emphasis will go to the resistance-turned-support level from April 20 and a three-week-old ascending trend line around 91.00 and 90.50.
AUD/JPY
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