FXstreet.com (San Francisco) – The Japanese yen continues to gain on its Australian counterpart this Tuesday as risk sentiment takes a hit after China’s trade data disappointed some in the market looking for stronger imports.
AUD/JPY has just pushed below the overnight low to a fresh 7-day low of 80.75, now recording a 0.5% loss since opening the Asia-Pacific session at 81.19. Considering the decidedly ‘risk-off’ theme of the session, further bearish price action is possible in the hours ahead.
Should the pairing edge lower, key Fibonacci support lies at 80.32 (50%, 72.04/88.61 rally); further support lies at 79.70 (7 June high). If the bulls manage to regain control, resistance levels lie at 81.10 (intraday), then ascending trendline support-turned-resistance comes in at 81.26 (74.44/79.36 troughs).
