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AUD/JPY looking to springboard off of support from 82.00

8/6/2018, 10:13:10 AMTrading Strategies
AUD/JPY looking to springboard off of support from 82.00

The AUD/JPY is trading into 82.25 in the early week's action after a nervous tick lower towards the 82.00 level to kick off the market open.

The Aussie wound up middling against the JPY last week, finishing barely 20 pips up from the previous Monday's opening prices despite spiking into 83.25 near the mid-week; this week brings the Reserve Bank of Australia's (RBA) latest rate decision early on Tuesday, which is expected to remain at a standstill until late in 2019.

Monday is a thin showing for both the AUD and the Japanese Yen, though later in the day there will be the Australian AIG Performance of Construction Index for July at 22:30 GMT (last 50.6), while the Japanese side will be seeing y/y figures for June's Overall Household Spending (forecast -1.6%, last -3.9%) at 23:30 GMT.

AUD/JPY levels to watch

Beleaguered Aussie traders have seen the AUD stuck in a rough sideways channel against the safe-haven Yen for the majority of 2018, with swings to the bottom just below 81.00 and half-hearted clawbacks to highs around the 84.00 technical barrier; buyers will be hoping to keep the action above the last key swing low near 81.80 while resistance is priced in at late July's final swing high at 83.25.