AUD/JPY remains bid, but struggles to hold above 82.00 after mixed Aussie data

• AUD/jPY is looking to snap the five-day losing streak. 
• but, a convincing break above 82.00 remains elusive. 
• Aussie Q4 profits and building permits beat estimates, while Q4 inventory growth slows. 

AUD/JPY picked up a bid in early Asia and moved to a session high of 89.07 after the data released in Australia showed building permits in January rose 17.1% m/m (vs. expected +5.0%).

Further, the fourth quarter profits rose 2.2% q/q (expected 1.5%). The number is used as an input in GDP calculation due at March 7. Thus, a better-than-expected figure is good news for the Aussie. However, Q4 inventory growth (also a part of GDP calculation) came in at 0.2% q/q (expected 0.5%). Further, ANZ job ads for February fell 0.3% m/m (prior 6.2%). 

Consequently, AUD/JPY fell back to 81.90. Also, trade war fears and the resulting haven demand for the Yen could be capping the upside in the AUD/JPY cross. 

AUD/JPY Technical Levels

The 4-hour chart shows a bullish price RSI divergence. So, a break above 82.27 (1-hour 50-MA) could yield a sustained rally to 82.61 (resistance on 1-hour) and 82.94 (1-hour 100-MA). On the downside, breach of support at 81071 (support on 1-hour) would shift attention to 81.56 (Friday's low) and 81.00 (psychological support).