AUD/JPY positioned to decline further as Aussie suffers in the markets
- AUD/JPY is trying to rebound after last week's decline.
- Soft-spoken RBA is dragging the AUD lower as broader markets continue to favour higher-interest USD and safe-haven JPY.
The AUD/JPY is looking for some room to move in early Monday trading, pushing into 82.65.
The pair ended last week on a low note near 82.45 as the Aussie crumpled against the Yen on souring macro data and a dovish Reserve Bank of Australia (RBA), juxtaposed against a relatively well-performing Yen last week.
Monday is a quiet affair for both currencies outside of a speech from the RBA's Assistant Governor Kent late at 22:00 GMT, to be followed by Australian CPI figures early Tuesday at 01:30. Quarterly CPI for the Aussie is expected at 0.5 percent versus the previous 0.6 percent, with the Japanese Leading Economic Index following after at 05:00 GMT.
AUD/JPY Levels to watch
The Aussie has managed to put in a bit of a climb against the Yen since hitting a bottom near 80.50 in March, and last week's decline from 83.90 could see a rebound into the 50.0 Fibo level at the 83.20 area, while a continuation of selling action will run into support from the last swing low near the 82.00 major handle.
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.
