- AUD/JPY hit a two-week high of 82.11 in Asia.
- Growth in China’s manufacturing sector cooled slightly in June.
- Upside likely being capped by German political uncertainty.
The AUD/JPY pair rose to 82.11 on Monday – the highest level since June 18 and was last seen trading at 82.06.
The Japanese Yen ran into offers in Asia, possibly due to an uptick in the S&P 500 futures (up +0.20 percent).
However, the bullish move seems to have stalled near 82.12 (38.2% Fib R of 84.54-80.63) likely due to Germany’s coalition crisis, which escalated on Sunday as Chancellor Merkel’s Bavarian partners struggled to accept last week’s migrant deal.
Also, China’s June Caixin manufacturing PMI came in at 51.0 vs. 51.1 expected and 51.0 last as the new export orders contracted for the third straight month and the most in two years.
AUD/JPY Technical Levels
Resistance: 82.12 (38.2 Fib R of 84.54-80.63), 82.51 (50-day MA), 82.67 (100-day MA).
Support: 81.84 (support on hourly chart), 81.44 (50-hour MA), 81.35 (200-hour MA).
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