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29 May 2013
AUD/JPY continues to find firm bids near 97.00
FXstreet.com (Barcelona) - The AUD/JPY is sliding lower in Asia trade, down 62 pips at 97.83 last. Earlier in the session, we saw release of Construction Work Done out of Australia which came in below expectations at -2.0% actual vs. 1.0% forecast, as well as Japan Retail Trade which printed -0.1% actual vs. -0.4% forecast.
According to analyst at Rabobank, "Japan has kicked-off the day’s data flow with retail sales rising 0.7% MoM in April. Sales rose 1.7% MoM in February only to fall -1.5% MoM in March. Now they’ve risen again in April. With one month of 2Q now on the table, spending is tracking to rise 0.2% QoQ in 2Q as a whole. This follows a rise of 0.6% QoQ in 1Q so points to slowing (positive) momentum after the stimulus-inspired boost of earlier this year. Of course, it’s early days to be making conclusions about the second quarter."
The FXStreet.com Trend Index remains Slightly Bearish on the daily chart, while the OB/OS index reads Oversold. Initial support sits at 97.28 (previous day low), followed by 96.90 (weekly support). First resistance sits at 98.28 (the 100dma), followed by 99.02 (the 9dma).
According to analyst at Rabobank, "Japan has kicked-off the day’s data flow with retail sales rising 0.7% MoM in April. Sales rose 1.7% MoM in February only to fall -1.5% MoM in March. Now they’ve risen again in April. With one month of 2Q now on the table, spending is tracking to rise 0.2% QoQ in 2Q as a whole. This follows a rise of 0.6% QoQ in 1Q so points to slowing (positive) momentum after the stimulus-inspired boost of earlier this year. Of course, it’s early days to be making conclusions about the second quarter."
The FXStreet.com Trend Index remains Slightly Bearish on the daily chart, while the OB/OS index reads Oversold. Initial support sits at 97.28 (previous day low), followed by 96.90 (weekly support). First resistance sits at 98.28 (the 100dma), followed by 99.02 (the 9dma).