AUD/JPY sheds gains despite slightly upbeat Aussie data

Better-than-expected Australia retail sales figure failed to keep the AUD/JPY in the positive territory as the losses in the Dollar-Yen pair weighed over the cross.

Rejected near key Fibo

The cross clocked session highs near 79.42 (76.4% of the Brexit day drop) before retreating to trade largely unchanged on the day around 79.10 levels.

AUD/USD rose to fresh November highs after the data in Australia showed the retail sales rose 0.6% in September vs 0.4% exp. However, the uptick in the AUD/USD was not sufficient to overshadow the drop in the USD/JPY from 103.20 to 102.83 levels. Consequently, the AUD/JPY cross surrendered gains.

AUD/JPY Technical Levels

A break above 79.42 (76.4% of the Brexit day drop) would open doors for a revisit to stiff resistance zone around 80.00 levels. Only a daily close above the zero figure would entice bulls and expose major hurdle at 81.52 (July 15 high). On the other hand, a breakdown of support at 79.00 (Nov 2 low) could yield a sell-off to 78.48 (previous day’s low) and 78.00 (zero figure).