- AUD/JPY is declining towards 92.00 as China’s unrest-inspired volatility will stay longer.
- Stable Japan’s employment numbers may weigh on the cross ahead.
- This week, the Caixin Manufacturing PMI data will be of utmost importance.
The AUD/JPY pair is expected to extend its downside journey towards the crucial support of 92.00 as the Statistics Bureau of Japan has reported stable employment data. The Unemployment Rate has landed at 2.6%, higher than the expectations of 2.5% but in line with the prior release of 2.6%. While the Jobs/Applicants ratio has been recorded similarly to the projections at 1.35, higher than the former figure of 1.34.
The risk barometer is going through a rough phase as enlarging unrest in China against the rollback of Covid-19 lockdown measures by the Chinese authorities has crippled the Aussie dollar. After meeting the headlines of public protest against curbs, economists didn’t waste a second in providing weak economic projections for the Chinese economy.
No one could deny that the impact of weaker projections for China won’t restrict to the dragon economy only. Its trading partners like Australia and New Zealand are also facing the heat. China’s protest-inspired risk aversion theme has dragged the AUD/JPY pair to near the critical hurdle of 92.00.
It is worth noting that individuals’ demand for democracy in the place of dictatorship could bring political instability to the Chinese economy. This could weaken investors’ risk appetite further.
Going forward, investors will focus on the Caixin Manufacturing PMI data, which will release on Thursday. The economic data is seen lower at 48.6 vs. the prior release of 49.2. A weaker-than-projected Caixin Manufacturing data could escalate volatility in the cross ahead.
|Today last price||92.36|
|Today Daily Change||-1.46|
|Today Daily Change %||-1.56|
|Today daily open||93.82|
|Previous Daily High||94.06|
|Previous Daily Low||93.61|
|Previous Weekly High||94.14|
|Previous Weekly Low||93.12|
|Previous Monthly High||95.75|
|Previous Monthly Low||90.84|
|Daily Fibonacci 38.2%||93.89|
|Daily Fibonacci 61.8%||93.78|
|Daily Pivot Point S1||93.6|
|Daily Pivot Point S2||93.38|
|Daily Pivot Point S3||93.15|
|Daily Pivot Point R1||94.05|
|Daily Pivot Point R2||94.28|
|Daily Pivot Point R3||94.5|
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.