AUD/JPY slumping towards 77.00 as Aussie traders look towards China PMI data

Aussie lagging behind to kick off 2019, ticking into two-year lows against the Yen.
China PMI figures due early today to kick off 2019's overall tone.

Joshua Gibson FXStreet

AUD/JPY is trading into the familiar low end, clipping into 77.15, a two-year low for the pair as the soft-bellied Aussie continues to slide against the Japanese Yen in risk-off markets.

With Japanese markets shuttered for both today and tomorrow's holidays, action in the Aussie-Yen pairing is seen coming from the AUD side, where investors are stepping into the new year with plenty on their plates to continue worrying about, from a steepening slowdown in China's domestic economy threatening to tip over Australia's own economy, while the US continues to chase trade-war policies that shake up the Pacific-Asia sector as investors shield themselves from fallout.

China's Caixin Manufacturing PMI for December is expected early Wednesday at 01:45 GMT, and with the headline figure forecast to slip from 50.2 to 50.1, bearish traders looking for a reason to continue selling the AUD may find it if the figures miss, while the steady JPY looks forward to enjoying a high market premium as the safe haven of choice.

AUD/JPY Technical Levels

AUD/JPY

Overview:
    Today Last Price: 77.23
    Today Daily change: -21 pips
    Today Daily change %: -0.271%
    Today Daily Open: 77.44
Trends:
    Previous Daily SMA20: 79.85
    Previous Daily SMA50: 80.98
    Previous Daily SMA100: 80.81
    Previous Daily SMA200: 81.64
Levels:
    Previous Daily High: 77.76
    Previous Daily Low: 76.48
    Previous Weekly High: 78.77
    Previous Weekly Low: 77.43
    Previous Monthly High: 84.05
    Previous Monthly Low: 77.15
    Previous Daily Fibonacci 38.2%: 77.27
    Previous Daily Fibonacci 61.8%: 76.97
    Previous Daily Pivot Point S1: 76.7
    Previous Daily Pivot Point S2: 75.95
    Previous Daily Pivot Point S3: 75.42
    Previous Daily Pivot Point R1: 77.97
    Previous Daily Pivot Point R2: 78.5
    Previous Daily Pivot Point R3: 79.24

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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