AUD/JPY holding steady just beneath 83.00 after a steady China PMI reading

The Aussie trades steady following an as-expected China Caixin PMI.
A risk-positive showing for the BoJ yesterday sees the Aussie claiming higher ground against the safe-haven Yen.

Joshua Gibson FXStreet

The AUD/JPY pair is trading into 82.85 after briefly snagging the 83.00 technical level in Tuesday's lift following a showing from the Bank of Japan (BoJ) that was a positive for risk appetite.

The Aussie has lifted steadily from the week's early lows against the Yen near the 82.00 level, but the AUD has seen a mild walk-back in early Wednesday's run-up to the China Caixin Manufacturing PMIs, which came in exactly at expecations, ticking down to 50.8 versus the previous reading of 51.0.

Next up for the AUD/JPY will be Japanese Foreign Investment figures later on today at 23:50 GMT, while early Thursday at 01:30 GMT will be seeing Trade Balance figures for Australia, and the headline Trade Balance for June is expected to shift higher from April's $827 million to a $900 million reading in June.

AUD/JPY levels to watch

The Aussie-Yen pairing has managed to break out of last week's peaks near 82.80, and bulls will be hoping for those levels to now act as support for a further push higher, while bears will be looking to drag the AUD/JPY below the 82.00 levels to challenge last week's lows near 81.50.

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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