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26 Jun 2018

AUD/JPY approaching the 81.00 handle after Monday's failed bounce

  • The Aussie is showing itself a little on the weak side in cautious Tuesday trading.
  • The early week is a thin showing on the economic calendar, market sentiment remains at risk.

The AUD/JPY is trading near the 81.00 handle in a quiet Asia session for Tuesday.

The Aussie slumped against the JPY on Monday, declining from the day's high of 81.85 to a low of 80.98, but the pair managed to stage a mild recovery late in the US session into 81.50.

Trade concerns stemming from the US continue to hamper global risk sentiment, and a lack of clarity on plans to clamp down on Chinese investment in US technology companies sent markets in both directions as different key personnel within the White House administration have delivered conflicting statements about what the US is going to do.

The Aussie is holding above the 81.00 level for now, but continued weakness will quickly see the pair falling further. Tuesday is an empty affair for the Aussie on the economic calendar, and the Yen will be seeing little data as well ahead of late Thursday's Tokyo CPI readings.

AUD/JPY levels to watch

A continued decline will be seeing yesterday's lows just beyond the 81.00 handle in short order, with last week's low sitting near 80.60 to provide further support, while a bullish reversal will have to climb above last week's swing high near 81.90 before going on to challenging the week's high at 82.40.

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