AUD/JPY spins in place for a second day unable to mount the 83.00 handle
- Wednesday is set for a quiet Asia session with little on the docket and Australia markets closed for the holiday.
- Japan data is mid-tier and unlikely to drive much action, though volumes will be thin and volatility could spike.
The AUD/JPY is little-changed on the week, heading into Wednesday's session trading near 82.70.
The Aussie has been unable to develop momentum in either direction against the Yen this week, as markets hold steady and risk appetite remains on-balance, with the market worries over trade tensions and the US-China trade spat have both taken something of a backseat, though trade wars still represent a large threat to global growth and stability.
Wednesday is going to be a quiet affair with Australia markets dark for in observance of Anzac day, while Japan will see the All Industry Activity Index, forecast at 0.4% for March, versus the previous month's -1.8% decline.
AUD/JPY Levels to watch
The pair whipped in Tuesday's trading, reaching a new high for the week just above the 83.00 handle, before being sent back into the week's lows at 82.50. The pair finished off the action to recover to Tuesday's opening price, and the AUD/JPY is now trading in the middle of a rough channel from 82.80 to 82.50. A floor has been priced in on the H4 candles for a move into recent swing highs near 83.90, while a bearish continuation will have to first break below the 50.0 Fibo level giving support from 82.45 before challenging the bottom at April's low of 80.80.
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.
