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AUD/JPY attacks 82 as China stocks wobble

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 12, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Mumbai) - The AUD/JPY is seen struggling to regain lost momentum, although holds onto the 82 handle, as China stocks look to stabilize after yesterday’s rout.

    AUD/JPY finds good support ahead of 82 handle

    Currently, the AUD/JPY pair trades -0.36% lower at 82.08, poised to attack 82. The AUD/JPY cross faded a spike to 82.62 session highs and fell sharply to lows after the Chinese equities waver between gains and losses in an attempt to stabilize after falling more than 5% in the previous session.

    The AUD/JPY cross acts as a risk barometer, and with sentiment slightly mixed the demand for sae-havens are on the rise, dragging the prices lower. Moreover, a minor retreat in the AUD/USD pair, as it consolidates the Chinese crisis, also keeps a check on the cross.

    On the data space, the Japanese current account surplus shrank in Nov as exports tanked, while markets now look forward to the US JOLTS jobs openings data due later in the NY session, especially after the robust employment numbers. While BOJ Kuroda’s speech to be delivered in Paris is likely to hog the limelight.

    AUD/JPY Technical Levels

    To the upside, the next resistance is located at 82.90 (1h 100-SMA) and above which it could extend gains to 83.07 (Jan 11 High). To the downside immediate support might be located 81.50 (psychological levels) below that at 81/80.84 daily S1/Jan 11 Low).
    For more information, read our latest forex news.

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