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6 May 2020

AUD/JPY: Yen demand weighs, eyes Aussie retail sales data

  • AUD/JPY as US-China tensions and virrus fears put a bid under the Yen. 
  • Aussie Retail Sales data due at 01:30 GMT is expected to confirm panic buying in March.

The anti-risk Yen is drawing bids at press time and pushing the AUD/JPY lower ahead of the Australian retail sales data. 

Rejected at 20-day MA

The pair turned lower from the 20-day average hurdle placed above 68.60 and is currently trading near 68.25, representing a 0.35% decline on the day. 

The Japanese yen looks to be benefiting from the escalating tension between the U.S. and China over the coronavirus origin and the latter’s handling of the virus outbreak. 

While the decision by the likes of Germany to reopen their economies is positive for the risk sentiment, it is also fueling fears of a second wave of the virus outbreak and likely keeping the yen better bid. 

Focus on Aussie data

The consumer spending, as represented by Retail Sales, is forecasted to have increased by 8.2% year-on-year in March in line with the preliminary forecast rolled out last month. 

Spending seems to have surged in March on account of panic buying ahead of the lockdown restrictions. The data, therefore, is unlikely to strengthen the bid tone around the Aussie dollar

Technical levels


 

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