- Aussie Dollar enjoyed a bullish ride against the Japanese Yen, and it may continue to gain traction in the short term.
- There is a bullish trend line formed on the hourly chart of the AUDJPY pair, which can be considered as a buy zone if the pair corrects lower.
- Australian Westpac Consumer Confidence released by the Faculty of Economics and Commerce Melbourne Institute posted a decline of 4% in April 2016.
- The Westpac Consumer Confidence Index was down from 99.1 to 95.1.
The Aussie Dollar climbed higher recently vs the Japanese Yen and closed above the 83.00 resistance area. There is a bullish trend line formed on the hourly chart of the AUDJPY pair, which is acting as a catalyst for the upside move and pushing the pair higher.
The pair was under a minor bearish pressure after the release of the Westpac Consumer Confidence, but the 200 hourly simple moving average acted as a support and pushed the pair higher.
Buying dips remain a nice deal in AUDJPY as long as the pair is above the trend line support area.
Australian Westpac Consumer Confidence
Earlier during the Asian session, the Australian Westpac Consumer Confidence that captures the level of sentiment that individuals have in economic activity was released by the Faculty of Economics and Commerce Melbourne Institute. The outcome was disappointing, as there was a decline from 99.1 to 95.1 in the index in April 2016.
The report highlighted that “This is a disappointing result. After holding above 100 in the November–February period the Index has now been below 100 for two consecutive months. A print below 100 means that pessimists outnumber optimists“.
However, the Aussie Dollar after a minor dip vs yen recovered well, which suggests that the market trend is bullish for AUDJPY.