FXstreet.com (Barcelona) - AUD/JPY is actually flat at 80.48 asks after the Chinese GDP data release, retracing from a knee-jerk reaction to the upside printing session highs at same previous weekly lows 80.68. The cross is lower by -1.49% from yesterday's Asia-Pacific open, recovering from a fresh 8-day low yesterday at 80.05.
Economic data coming from China showed the Asian giant grew slightly below the consensus estimate of 7.7% showing some +7.6%, while retail sales for the month of June were better than expectations at +13.7%, though industrial production for same time period came lower than expected at +9.5% when market was expecting a +9.8%. Local share markets had a very similar reaction to the data, initially going higher for now breaking even from pre-data.
Immediate resistance to the upside for AUD/JPY comes at recent session highs/Tuesday-Wednesday's lows at 80.67, followed by Monday's lows at 80.82, and Monday/Tuesday's highs at 81.37. For the downside, closest support shows at recent session lows 80.24, followed by yesterday's lows at 80.05, and June 07 highs at 79.71.
Economic data coming from China showed the Asian giant grew slightly below the consensus estimate of 7.7% showing some +7.6%, while retail sales for the month of June were better than expectations at +13.7%, though industrial production for same time period came lower than expected at +9.5% when market was expecting a +9.8%. Local share markets had a very similar reaction to the data, initially going higher for now breaking even from pre-data.
Immediate resistance to the upside for AUD/JPY comes at recent session highs/Tuesday-Wednesday's lows at 80.67, followed by Monday's lows at 80.82, and Monday/Tuesday's highs at 81.37. For the downside, closest support shows at recent session lows 80.24, followed by yesterday's lows at 80.05, and June 07 highs at 79.71.
