While three months old descending trend-channel continue limiting the USDJPY up-move, the pair, supported by recent upward slanting-line, presently trades around the channel resistance ahead of the crucial Preliminary US GDP number. Given the upbeat growth print, as expected, fuels the pair towards breaking 110.15 channel resistance, 110.60-70 might act as intermediate halts during its rally to 111.90. Moreover, pair's sustained trading above 111.90, also clearing the 112.00 mark, can further magnify the northward trajectory towards 112.70 and the 113.50 upside numbers. Though, a weaker than forecast GDP can trigger the pair's drop below 109.50 trend-line support and 23.6% Fibonacci Retracement of its January – May downside, near 109.30, towards testing the 109.00 round figure mark. Moving on, pair's sustained decline below 109.00 can make it witness the 108.20 and the 107.50 support numbers, clearing which chances of its plunge to 106.00 becomes brighter.
Alike USDJPY, the AUDUSD is also struggling to break the trend-channel resistance, at 0.7235 now, wherein better US number may drag the pair down to 0.7170 and the 0.7140 supports prior to making it visit the channel support around 0.7080-75. If the pair continues on its south-run below 0.7075, the 0.7045 might act as small barrier during its decline to 0.7000 psychological magnet. On the upside, a clear break above 0.7235 can initiate the pair's fresh rise towards 0.7260 and the 0.7300 mark before targeting 50% Fibonacci Retracement level of its January – April up-move, near 0.7330. Should the pair maintain the advance beyond 0.7330, the 0.7400 – 0.7410 and the 38.2% Fibo level around 0.7450 are likely upside numbers that it could print.
Following its reversal from a year-long trend-line resistance, the AUDJPY dropped to three month's low during early-May; however, the pair failed to show any signs of volatility since then and has been struggling between 78.00 – 80.70 area. From the present levels, a slow grinding downtrend can drag the pair towards 78.70 and the 78.40 prior to making it test the 78.00 mark. Should the pair fails to reverse from 78.00, February lows of 78.60 becomes an important level, which if broken opens the door for its southward trajectory towards nine-month old descending trend-line support of 74.80, followed by 61.8% FE level of 0.74.40. Meanwhile, 79.80, 80.40 and the 80.70 are likely immediate resistances that could hold its rise captive. Though, pair's break above 80.70 opens the door for its rally towards 82.00 and the 82.90 – 83.00 upside area. Moreover, pair's successful trading above 83.00 enables it to challenge the 84.00 and the 38.2% Fibo level of 85.00 before confronting with broader trend-line resistance of 85.30.
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