AUD/JPY: Downside remains the theme

FXStreet (Guatemala) – AUD/JPY is currently trading at 93.26 with a high of 93.43 and a low of 93.12.

AUD/JPY has penetrated the ascending support line from below 91.26 lows of 12th February and continues to threaten the 93 handle while the Aussie is better offered on a near term and broader sense. Most recent data to come from Australia showed the business sector in a poor light, with the NAB Monthly Business Survey out. The NAB Monthly Business Survey for the month of February this year gave us business confidence falling from 3 to 0 while the business conditions unchanged at 2. This tells us that the RBA may not have done enough to encourage growth in the sector and arms bears with ammunition to continue selling the currency.

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