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7 May 2020

AUD/JPY holds onto recovery gains beyond 68.00 after China trade figures

  • AUD/JPY snaps five-day losing streak as China exports register a big beat to sluggish forecasts.
  • Trade sentiment turns heavy amid US-China tussle, ahead of the key data.
  • Japanese traders fail to aptly respond to the risk-off moves during the first trading day of the week.

AUD/JPY takes the bids to 68.20, up 0.41% on a day, after China’s April month trade data pleased buyers during the early Thursday. In doing so, the pair snaps previous five-day drop while also recovers from the two-week low flashed during the early Asian session.

In addition to the upbeat Trade Balance figures, a noticeable increase in Chinese Exports seems to please the Aussie buyers off-late.

Read: China’s April Trade data (USD): Surplus beats estimates as exports unexpectedly rise

Earlier during the day, Australia’s March month trade numbers manage to help the quote recovery initial losses.

Though, the on-going US-China tussle over the trade deal, as well as US allegations on the dragon nation for virus outbreak, likely capped the pair’s upside momentum.

As a result, rise barometers like the US 10-year Treasury yields and Asian stocks register losses, even if mild, during Asia.

Moving on, traders can follow updates over the developing story concerning the US-China tussle. Additionally, US Jobless Claims and the BOE are some of the key events that could offer “Super Thursday” busy sessions.

Technical analysis

While a sustained break of 21-day SMA for the first time in a month keeps the bears directed towards April 21 low surrounding 67.30, a 50-day SMA level of 67.60 can offer intermediate halt during the fall. On the upside, clear trading above 21-day SMA level of 68.64 can propel the quote towards 70.00 and then to April high near 70.15.

 

May 7, 2020

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