Ella 
AUD/JPY turned lower from two-week highs in early trade on Wednesday, with AUD/JPY falling to 94.15 on sluggish Australian inflation data. During this time, AUD/JPY volatility has validated weakness in the Australian housing market, while reversing from the 50-DMA and descending resistance lines from June 19.
Australia’s July consumer price index (CPI) year-on-year data was 4.9%, expected to be 5.2%, and the previous value was 5.4%; the month’s building permit data was -8.1%, market expectations were -0.8%, and June was -7.7% .
AUD/JPY is likely to extend its latest correction and fall towards the 94.00 round-number mark, given subdued oscillators and recent hawkish concerns about the Bank of Japan (BoJ). However, weekly support around 93.90 is likely to support AUD/JPY.
