AUD/JPY remains in the red after dismal China data


  • AUD/JPY remains depressed after weaker-than-expected China data.
  • China's industrial production growth hit lowest in 17.5 years in August.
  • China data may add to bearish pressures around equities, pushing JPY higher.

AUD/JPY gapped lower in early Asia, courtesy of oil-led risk-off in markets and continues to trade in the red following the release of the horribly weak China data. 

The AUD/JPY pair is currently trading around 74.00 – the level seen before China released its data at 02:00 GMT – representing 0.47% losses on the day.

China's Industrial Production growth skidded to its weakest pace in 17 years and a half in August, expanding just 4.4% year-on-year, missing the analysts'expectation of a 5.2% rise.

Further, Retail Sales growth slowed to 7.5%, compared with 7.6% in July. Analysts surveyed by Reuters had expected growth of 7.9%.

So far, the data has done little damage to the already weak AUD/JPY pair. However, risk aversion may worsen during the day ahead due to China data, leading to a further rise in demand for the anti-risk Japanese Yen and a deeper decline in AUD/JPY. 

The currency pair gapped lower at 73.75 earlier today as oil gapped higher in Asia by 20%, courtesy of Saturday's attack on Saudi Aramco's plant. Oil has since then trimmed gains but is still up more than 10%. The futures on the S&P 500 are also reporting a 0.64% drop.

Technical levels

AUD/JPY

Overview
Today last price 74.03
Today Daily Change -0.35
Today Daily Change % -0.47
Today daily open 74.38
 
Trends
Daily SMA20 72.44
Daily SMA50 73.44
Daily SMA100 74.66
Daily SMA200 76.77
Levels
Previous Daily High 74.5
Previous Daily Low 74.03
Previous Weekly High 74.5
Previous Weekly Low 73.03
Previous Monthly High 74.87
Previous Monthly Low 69.97
Daily Fibonacci 38.2% 74.32
Daily Fibonacci 61.8% 74.21
Daily Pivot Point S1 74.1
Daily Pivot Point S2 73.83
Daily Pivot Point S3 73.64
Daily Pivot Point R1 74.57
Daily Pivot Point R2 74.77
Daily Pivot Point R3 75.04

 

 

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