Australian Dollar is relatively steady after the expected RBA rate cut. AUD/JPY is staying in consolidation above 69.37 temporary low, formed after breaching 69.95 key support. Some consolidation could be seen, but upside is expected to be limited by 72.41 support turned resistance to bring fall resumption. Break of 69.37 will target 100% projection of 80.71 to 69.95 from 76.54 at 65.78.
In the bigger picture, AUD/JPY is staying in long term down trend from 105.42 (2013 high). Prior rejection by 55 week EMA is a clear sign of bearishness. Outlook will remain bearish as long as 76.54 resistance holds. Next medium term target is 100% projection of 102.83 to 72.39 from 90.29 at 59.85.
