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