- AUD/JPY struggles to move above 85.04 (61.8% Fib R).
- Focus on China trade data.
The follow-through to yesterday's doji candle has been weak so far, shows the pair's struggle to get back above 85.04 (61.8% Fib R of Jun. 6 low - Sep. 21 high). As of writing, the AUD/JPY cross is at 84.95 levels.
The failure to take out 61.8% Fib could be associated with the strong Japanese data released today. Japan Q3 GDP was revised up to 2.5 pct annualized growth. Further, Japanese inflation-adjusted wages rose 0.2 percent in October from a year earlier, marking their first rise since December 2016 in a sign a tight job market may finally be leading to higher salaries.
Still, the Fib resistance could fall if the China trade surplus rises more than expected and the details reveal a rise in imports of commodities like iron ore and copper. China trade data is due at 02:00 GMT.
AUD/JPY Technical Levels
A break below the previous day's low of 84.67 would open doors for 84.50 (Nov. 20 low) and 84.35 (Nov. 27 low). On the higher side, a break above 85.04 (61.8% Fib R of Jun. 6 low - Sep. 21 high) could yield 85.45 (Aug. 11 low) and 85.80 (Dec. 6 high).
|TREND INDEX||OB/OS INDEX||VOLATILY INDEX|
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 securities. 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 Forex 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.