AUD/JPY off-highs, around 83.00 as risk-off returns
|The AUD/JPY cross wiped-out gains and fell back into the red zone near 83 handle, following the release of mixed Australian datasets.
The Australian PPI data better estimates, arriving at 0.5% in the reported month, versus 0.3% expectations, while the private sector credit data disappointed, coming in at 0.3% versus 0.5% estimated.
Moreover, the cross came under renewed selling pressure, as the yen regained ground amid moderate risk-aversion persisting in Asia, with the Asian indices trading in negative territory.
Also, the yen markets appear to ignore a slew of mixed Japanese macro news, and continue to benefit from risk-off trades, weighing down on the AUD/JPY cross.
Next of relevance for the cross remains the US GDP data due later in the NA session. In the meantime, risk trends will play a crucial role.
Technical Levels
Higher side: 83.84/81 (classic R2/ Apr 25 high), 84.47/50 (Apr 5 high/ psychological levels), 85 (round number)
Lower side: 82.72 (20 & 10-DMA), 82.28 (classic S2/ Fib S3), 82.00 (key support)
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