AUD/JPY: No response to Aussie trade numbers

• Better-than-expected Aussie trade surplus has little impact on the AUD/JPY pairs.
• The pair remains at the mercy of the stock markets.

Australia's trade surplus narrowed in February, but the fact that the actual print was higher than estimates failed to put a bid under the Aussie dollar.

The AUD/JPY pair has hardly moved after the data release and was last seen trading around 82.43. The trade surplus came in at AUD 825 million vs expected figure of AUD 725 million, but well below the downwardly revised January figure of AUD 952 million.

It appears the AUD bulls are not impressed by the downward revision of the January's trade surplus. Further, the stock markets are playing a bigger role here.

As of writing, the S&P 500 futures are up 0.17 percent, consequently, the AUD/JPY is flashing marginal gains. That said, the bid tone around the Yen may strengthen, pushing the AUD/JPY cross into the red if the equities feel the gravitational pull.

AUD/JPY Technical Levels

A clear break above 82.58 (March 21 high) would open up upside towards 83.00 (psychological hurdle) and 83.32 (Feb. 14 low). On the other side, a move below 81.499 (March 5 low) could yield a deeper pullback to 80.83 (April 4 low) and 80.76 (March 28 low).