AUD/JPY Price Analysis: Stays pressured below 81.00 ahead of key data

• AUD/JPY begins the week unchanged, keeps previous week’s bearish bias.
• Receding bullish bias of MACD, lower high formation and multiple hurdles to the north keep sellers hopeful.
• Downside break of monthly support line will confirm a bearish chart pattern.
• Preliminary Q2 GDP from Japan, China data dump becomes important for the day.

AUD/JPY edges lower around 80.80 after the last week’s downbeat performance, amid early Monday morning in Asia.

In doing so, the cross-currency pair stays on the back foot inside an ascending triangle bearish formation ahead of the key Q2 GDP data from Japan, not to forget China’s Industrial Production and Retail Sales for July.

Considering the MACD histograms and the recent lower high formation, the AUD/JPY sellers are likely having an upper hand. However, further downside needs confirmation for an ascending support line from July 20, around 80.47.

Following that, the monthly low of 80.14, the 80.300 psychological magnet and July’s bottom surrounding 79.85 will return to the chart.

Alternatively, recovery moves need to regain the 81.00 threshold before confronting a five-week-old horizontal area, also comprising a downward sloping trend line from June 11, near 81.40–50.

Additionally challenge the AUD/JPY bulls is 200-DMA level surrounding 81.80 and June’s low of 82.13.

Overall, AUD/JPY bears are bracing for further downside buy needs a trigger and hence look to today’s economic calendar.

AUD/JPY: Daily chart

Trend: Further weakness expected