- Aussie bolstered by rising copper prices as the struggling AUD gets a welcome reprieve.
- 2018 has been marked by consistent play into lows near 80.50 for the AUD/JPY.
The AUD/JPY is rising in Monday’s Asia trading, grinding towards a new four-week high and clipping into 82.40.
The Aussie is working its way towards the top of the pile for the new week, rising across the board as risk appetite opens the new week in a healthy stance. Copper prices are rebounding in the new week, bolstering the AUD on higher metals prices, with copper, in turn, getting a welcome boost from a softening US Dollar.
The economic calendar for the AUD is thin to start the week, though Wednesday will be seeing Investment Lending and Home Loans data early at 01:30 GMT, and May Home Loans are expected to decline from -1.4% to -1.9%. The housing market in Australia continues to be a drag on growth, and the Reserve Bank of Australia (RBA) continues to be perplexed by their inability to correct the tilt of Australia’s economy.
The Bank of Japan’s (BoJ) Governor Kuroda made an early appearance this week, giving a statement at the central bank’s quarterly branch manager meeting, but Governor Kuroda maintained much of the BoJ’s current rhetoric, giving JPY traders little to go on and keeping the Yen steady through markets.
AUD/JPY levels to watch
The Aussie is lifting from a technical bottom against the Yen at June’s lows of 80.60, and resistance sits nearby at June 8th’s low of 82.60, with June’s high sitting above at 84,50, while a bearish continuation will have to break through last week’s swing low at 81.25.
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