AUD/JPY: Bears attacking 85.00 on poor Aus retail trade

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 4, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The Australian dollar continues to get heavily battered in the Asian session on awful Australian data, now pushing AUD/JPY lower to test 85 handle.

    AUD/JPY revisiting daily lows

    The AUD/JPY pair now drops -0.69% to 85.11, with the bears trying hard to take-out 85 barrier. The cross in the AUD/JPY faces strong selling pressure this Asian session, and the prices extend its bearish run into a second day today, as the AUD bulls were once again disappointed by the Australian retail sales downside surprise. The Australian retail sales data showed no growth and stayed flat in Feb, coming in much weaker than a 0.4% increase estimated.

    The cross also finds strong offers coming in on the back of a rising yen versus the US dollar, as the extended oil price decline continue to curb risk appetite amid increased flight to safety. Focus now remains on the European open for further cues on the risk sentiment, while the US datasets will be also closely watched for further momentum.

    AUD/JPY Technical Levels

    To the upside, the next resistance is located at 85.66/75 (Daily high/ 5-DMA) and above which it could extend gains to at 86.31 (200-DMA). To the downside immediate support might be located 84.81 (100-DMA) below that at 84.28/16 (Mar 24 & 21 Low).
    For more information, read our latest forex news.

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