AUD/JPY surrenders gains post China data

Omkar Godbole FXStreet Contributor

AUD/JPY cross retreated from the session high of 79.83 to 79.56 after data in China showed growth in China stabilized in Q3, but industrial production dropped in September.

Rejected at 80.00 levels

The pair clocked a high of 80.00 on Tuesday before ending the day at 79.61 levels. A fresh attempt at 80.00 handle was made in Asia, however the bid tone ran out of steam around 79.83 after China reported weak industrial production figure.

Upbeat retail sales and steady Q3 GDP number did little to help the Aussie. Moreover, markets are worried about the hughe Chinese debt hangover and credit driven growth.

The retreat in the AUD/JPY cross, a global risk barometer also means the broader market sentiment may remain weak in Europe/US. The cross was last seen trading around 79.60 levels.

AUD/JPY Technical Level

A break above 80.17 (200-DMA + weekly classic pivot R1) would open doors for 81.51 (July 15 high) and 82.00 (zero figure) levels. On the lower side, Asian session low of 79.58 could offer support which if breached would shift risk in favour of a cut through 79.29 (5-DMA) and drop to 79.00 levels.

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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