AUD/JPY cycling near 84 as markets await headlines from Trump-Kim meeting

  • Aussie whips as market sentiment swings ahead of Trump-Kim meeting conclusion.
  • Bullish uptrend remains in place, but a souring meeting could see risk aversion strike.

The AUD/JPY is trading in a light back-and-forth, currently cycling near the day's start near the 84.00 handle as traders keep a close eye out for headlines from the ongoing Trump-Kim summit taking place in Singapore.

Aussie Home Loans recovered better than expected, printing at -1.4% versus the expected -1.9%, and certainly an improvement on the previous reading of -2.2%, while the Investment Lending for Homes reading for April also jumped upwards, coming in at -0.9% versus the previous -9% decline. Meanwhile, the NAB Business Confidence Survey for May came in slightly disappointing, printing at 6, below the forecast 9 and the previous printing of 10.

Little else remains on the docket for Tuesday on the AUD side, and markets are expected to continue focusing on the Trump-Kim summit, with market sentiment hanging on-balance while markets await Tweets or headlines from the summit.

AUD/JPY Technical Analysis

The Aussie is trading largely sideways against the Yen following the early day's run-up as traders locked in positions ahead of the Trump-Kim summit, and market participants are now waiting for the outcome of the Trump-Kim summit to choose a direction. Hourly indicators are wobbling on the overbought side, but the pair's overall bull trend remains intact.

AUD/JPY Chart, 1-Hour

Spot rate: 83.90
Relative change: 0.26%
High: 84.00
Low: 83.64

Trend: Bullish

Support 1: 83.64 (current day's low)
Support 2: 82.58 (one-week low)
Support 3: 81.01 (one-month low)

Resistance 1: 84.53 (one month high)
Resistance 2: 84.80 (61.8% Fibonacci expansion level)
Resistance 3: 86.17 (100% Fibonacci expansion level)

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.