OctaFX | OctaFX Forex Broker
Open trading account

AUD/JPY stuck at 61.8% Fib, eyes China data

  • 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).   


USD/CNY projection: 6.6221 - Nomura

Analysts at Nomura offered their model projection for USD/CNY's fix today. Key Quotes: "Our model1 projects the fix to be 26 pips higher than the pr
Read more Previous

Goldman Sachs - Tax reform won't help the economy much at all

Business Insider's  Sara Silverstein, while discussing the effect of tax reform on the economy, cites recent Goldman Sachs report, which says the tax
Read more Next
Start livechat