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.

Omkar Godbole FXStreet Contributor

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).

	TREND INDEX	OB/OS INDEX	VOLATILY INDEX
15M	Bullish	Neutral	High
1H	Bullish	Neutral	Low
4H	Bearish	Neutral	Shrinking
1D	Bullish	Neutral	Shrinking
1W	Bearish	Neutral	Low
Updated Jul 4, 01:30 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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