22 Aug 2013
AUD/JPY struggling for fourth day ahead of Chinese PMI
FXstreet.com (Barcelona) - The AUD/JPY cross has been under pressure since Monday’s bearish reversal and is now approaching the recent lows at 86.39.
China’s PMI has the power to move AUD/JPY
China’s PMI is due out at 01:45 GMT and could have an impact on markets across the globe – but especially on the Australian and Japanese markets that are in relative close proximity and that sell into China.
A bullish number out of China could turn previously bearish situations (like Australia) neutral or bullish. So, AUD/JPY traders and analysts will be closely monitoring the data and surely will be reacting in the minutes and hours to follow.
Technical outlook for AUD/JPY
As noted above, the key support for AUD/JPY comes in at 86.39. Resistance for AUD/JPY comes in at 90.06. Technicians say that any movement inside of those boundaries is just noise.
China’s PMI has the power to move AUD/JPY
China’s PMI is due out at 01:45 GMT and could have an impact on markets across the globe – but especially on the Australian and Japanese markets that are in relative close proximity and that sell into China.
A bullish number out of China could turn previously bearish situations (like Australia) neutral or bullish. So, AUD/JPY traders and analysts will be closely monitoring the data and surely will be reacting in the minutes and hours to follow.
Technical outlook for AUD/JPY
As noted above, the key support for AUD/JPY comes in at 86.39. Resistance for AUD/JPY comes in at 90.06. Technicians say that any movement inside of those boundaries is just noise.