AUD/JPY hits two-week high in Asia

AUD/JPY hit a two-week high of 82.11 in Asia.
Growth in China's manufacturing sector cooled slightly in June.
Upside likely being capped by German political uncertainty.

Omkar Godbole FXStreet Contributor

The AUD/JPY pair rose to 82.11 on Monday - the highest level since June 18 and was last seen trading at 82.06.

The Japanese Yen ran into offers in Asia, possibly due to an uptick in the S&P 500 futures (up +0.20 percent).

However, the bullish move seems to have stalled near 82.12 (38.2% Fib R of 84.54-80.63) likely due to Germany's coalition crisis, which escalated on Sunday as Chancellor Merkel's Bavarian partners struggled to accept last week's migrant deal.

Also, China's June Caixin manufacturing PMI came in at 51.0 vs. 51.1 expected and 51.0 last as the new export orders contracted for the third straight month and the most in two years.

AUD/JPY Technical Levels

Resistance: 82.12 (38.2 Fib R of 84.54-80.63), 82.51 (50-day MA), 82.67 (100-day MA).

Support: 81.84 (support on hourly chart), 81.44 (50-hour MA), 81.35 (200-hour MA).

	TREND INDEX	OB/OS INDEX	VOLATILY INDEX
15M	Bearish	Neutral	Expanding
1H	Bullish	Neutral	Low
4H	Bullish	Overbought	Expanding
1D	Bullish	Neutral	Shrinking
1W	Bearish	Neutral	Low
Updated Jul 2, 01:45 GMT

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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