AUD/JPY jumps 40 pips on upbeat Aussie retail sales
|- The AUD has picked up a bid on better-than-expected Australia retail sales number.
- The AUD/JPY jumped 40 pips to a session high of 81.91.
- The upbeat Aussie retail sales figure is likely overshadowing a lower-than-expected trade surplus figure.
The bid tone around the Aussie dollar strengthened on Wednesday, pushing the AUD/JPY to a high of 81.97 after Australia reported a better-than-expected retail sales figure for May.
The consumption as represented by retail sales rose 0.4 percent month-on-month in May, beating the expected rise of 0.3 percent. Meanwhile, the trade surplus narrowed to AUD 827 million in May from AUD 977 million as opposed to the expected rise of AUD 1200 million.
A lower-than-expected trade surplus is a bad news, however, as of writing, the markets are focusing on better-than-expected retail sales figure. Hence, the AUD/JPY pair is solidly bid around 81.90 and could rise above 82.00.
AUD/JPY Technical Levels
Resistance: 82.12 (38.2% Fib R of 84.54-80.63), 82.46 (50-day MA), 82.61 (100-day MA).
Support: 81.43 (session low), 80.98 (July 2 low), 80.69 (June 28 low).
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