AUDJPY Rebound to Unravel on Weak Australia GDP Report
(MENAFN- DailyFX) AUD/JPY
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 . 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
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