- The Aussie Dollar recently traded as high as 84.85 against the Japanese yen where it faced sellers.
- The AUDJPY pair moved down, and about to settle below a couple of bullish trend lines formed on the hourly chart at 84.50-40.
- Today in Australia, the Retail Sales report was released by the Australian Bureau of Statistics.
- There outcome was positive, as there was an increase of 0.5% in Oct 2016, compared with forecast of 0.3%.
AUDJPY Technical Analysis
The Aussie dollar was recently in an uptrend versus the Japanese yen, and traded above the 84.80 level. However, the AUDJPY pair later faced sellers and declined towards 84.50, and currently attempting to break a couple of bullish trend lines formed on the hourly chart.
The pair is also attempting to break the 21 hourly simple moving average, which is a bearish sign and may ignite more losses in the short term.
The next stop for the sellers could be around the 76.4% Fib retracement level of the last wave from the 84.04 low to 84.85 high.
Australian Retail Sales
Today in Australia, the Retail Sales, which is a survey of goods sold by retailers is based on a sampling of retail stores of different types and sizes was released by the Australian Bureau of Statistics.
The market was expecting a rise of 0.3% in Oct 2016, compared with the previous month. The result was positive, as there was an increase of 0.5%. The report added that the “following industries rose in trend terms in October 2016: Food retailing (0.4%), Household goods retailing (0.7%), Cafes, restaurants and takeaway food services (0.8%) and other retailing (0.1%). Department stores (-0.2%) and Clothing, footwear and personal accessory retailing (-0.1%) fell in trend terms in October 2016“.
The Aussie dollar buyers were not impressed by the outcome, and it looks like the AUDJPY pair may continue to decline towards 84.20.