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AUD/JPY push towards 82.00 could give way

8/7/2018, 10:13:58 AMMarket Analysis
AUD/JPY push towards 82.00 could give way

The AUD/JPY is trading near 82.25 after Monday saw tight consolidation as markets find little reason to bid up the Aussie, but risk aversion is also remaining subdued.

Tuesday sees the Reserve Bank of Australia (RBA) delivering their latest rate statement, and while the RBA is seen holding off of any rate hikes until well into 2019, Aussie traders will be looking for hints about where the RBA is leaning as Australian economic data continues to disappoint.

Risk aversion has been a recurring theme through broader markets as trade tensions between the US and China continue to push higher, but the new week has so far avoided any concern-fueled flights to safety, and the Japanese Yen sits largely ignored for the time being.

AUD/JPY levels to watch

Last week's consolidation pattern remains firmly in place with low-end support from 82.10, with further support from 81.95, while the upside sees resistance from last week's consolidation at 82.42 with early August's spike into 82.60