AUD/JPY is on the bids around 80.30 during the early Asian session on Wednesday. The pair aims to confront a downward sloping trend-line stretched since April 12 ahead of China releases its headline data concerning GDP, industrial production and retail sales.
Nearly a week-long resistance-line at 80.35/40 acts as immediate resistance for the pair to clear in order to challenge current month highs near 80.50, followed by 61.8% Fibonacci expansion (FE) level of April 10 to 16 moves, at 80.70.
Given the pair’s ability to rise beyond 80.70, 81.50 and mid-December 2018 top near 82.20 can please the Bulls.
Meanwhile, 80.00 and an ascending support-line from April 10, at 79.90, seem nearby supports to watch, a break of which can fetch prices to another trend-line support, at 79.50.
Moreover, increased downside pressure past-79.50 can push bears to target 79.00, 78.70 and 78.50 during further declines.
AUD/JPY hourly chart
Trend: Bullish
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