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AUD/JPY grinding above 82.50 ahead of China trade numbers

8/8/2018, 11:02:36 AMTrading Strategies
AUD/JPY grinding above 82.50 ahead of China trade numbers

The AUD/JPY is trading on the bullish side heading through Wednesday's early session, testing into 82.65 after catching some lift in Tuesday's markets, bouncing from the week's lows near 82.20.

The Aussie is facing knock-on volatility for Wednesday with Chinese Trade Balance figures due early in the day, expected sometime around 02:30 GMT, with a speech from the Reserve Bank of Australia's (RBA) Governor Lowe; the RBA has remained unmoving on policy measures or adjustments for exactly two years, and it is unlikely that Lowe will be delivering much new for traders to digest.

On the Yen side traders will be looking towards late Wednesday's foreign investment figures as well as Machinery Orders for June, all dropping very late in the day at 23:50 GMT.

AUD/JPY levels to watch

The Aussie has consolidated for most of 2018 against the Japanese Yen, and the current bullish twist to the chart action is going to face resistance from the previous swing high at 83.25, while July's last swing low sees rising support from 81.80.