- Safe haven Yen is still showing some strength in the early Asia session despite market sentiment’s recovery.
- Aussie data due early could knock the AUD lower once again if figures miss.
The AUD/JPY is trading down, back into 82.20 heading into the Asia markets after lifting steadily through Wednesday’s trading.
The Aussie picked up yesterday as market sentiment improved across the board, with traders being emboldened by the news that Italy may avoid heading into another election, and avert the possibility of the next election becoming a proxy for a Euro referendum.
Japan saw Industrial Production figures today that mostly missed the mark, with the y/y numbers for April coming in at 2.5%, compared to the forecast 3.6%, and barely a tick higher than the previous reading of 2.4%.
For the AUD, Thursday brings a quick bump on the macro calendar, with ANZ’s ACtivity Outlook (prev. 17.8%) and Business Confidence (prev. -23.4), along with m/m Private Sector Credit for April (forecast 0.4%, prev. 0.5%), and Prive Capital Expenditure for the first quarter (forecast 0.7%, prev. -0.2%), all dropping at 01:30 GMT.
AUD/JPY levels to watch
Daily candles still have the pair trying to develop a bullish move from a higher low at early May’s swing point near 81.15, and bullish traders will be looking to capitalize on market risk recoveries, with last week’s high of 84.50 putting in a two-month high for the pair as Aussie bulls continue to push from recent fourteen-month lows.
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