- Aussie recovery beginning to look tired as resistance piles up.
- RBA, employment data for this week could see the Aussie fall further.
The AUD/JPY pair is struggling to maintain its corrective stance, and momentum is draining away quickly as the pair heads into Mondays action near 82.50.
The Aussie sees a heavy week with the Reserve Bank of Australia’s (RBA) Meeting Minutes dropping early Tuesday at 01:30 GMT which should help shed some light on the central bank’s internal leanings, though the dovish stance from the RBA has been a thorn in the Aussie’s side for a while as Australian economic data continues to flub against expectations. Thursday will also be bringing preliminary employment figures, and a miss could send the AUD lower once again.
On the Yen side, it’s going to be another quiet week on the economic calendar, and the JPY was little changed in early Monday trading after the Domestic Corporate Goods Price Index came in at expectations, printing at 2.0% for April.
AUD/JPY levels to watch
The AUD/JPY staged a mild recovery last week, jumping from a recent low of 81.13 and clearing the 82. handle, but downside pressure remains high with resistance from the 50-day EMA at 82.80. A Bullish break higher will need to take a run at April’s high near the 84.00 major handle while a bearish continuation will see further support from March’s lows at 80.50.
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