AUD/JPY hovers near 38.2% Fib retracement after Aussie data

• AUD/JPY remains under pressure near key Fibonacci retracement support. 
• Australia’s Retail Sales fell by 4% in August. 
• Weakness in copper weighs over the Aussie dollar. 

An above-forecast Aussie Retail Sales data released at 01:30 GMT on Friday failed to draw bids for the Aussie dollar, leaving AUD/USD in the red near 75.69 – the 38.2% Fibonacci retracement of the drop from Aug. 31 high to Sept. 24 low. 

As represented by Retail Sales, consumer spending fell by 4% month-on-month in August versus the preliminary estimate and an expected decline of 4.2%. 

However, while the data better estimates, it marked a significant deterioration in consumer spending from July’s 3.2% increase. 

As such, the data did little to lift the AUD pairs. The pair clocked a low of 75.60 during the early Asian trading hours, seemingly due to a decline in industrial metals and the risk-off tone in the equity markets. 

Notably, copper, one of Australia’s key exports, fell to $2.85, the lowest level since Aug. 17. Meanwhile, the S&P 500 futures fell by 0.20%. 

Technical levels