AUD/JPY technical analysis: MACD turns bullish ahead of key Aussie data

• AUD/JPY’s daily MACD histogram has turned bullish for first since April 22.
• Focus on Australia’s capex data, due at 01:30 GMT. 

AUD/JPY could be in for a corrective rally above 76.00 as a widely tracked daily chart indicator has turned bullish for the first time in over four weeks. 

The moving average convergence divergence (MACD) histogram has crossed above zero, signaling a bullish reversal. 

Also, the cross has violated the descending trendline from April 17 highs and is now breaking higher from a contracting triangle, according to the 4-hour chart. 

A break above 76.00, however, may remain elusive if the data due at 01:30 GMT shows Australia’s private capital expenditure (capex) growth slowed more than expected or the capex dropped in the first three months of this year. 

Daily chart

4-hour chart

Trend: Bullish

Pivot Levels