AUD/JPY slammed to 82.70 on dismal Aus trade data

The Australian dollar took a big hit from its Japanese counterpart following the release of worse-than expected Australian trade figures, knocking-off AUD/JPY to daily lows near 82.70 region.

AUD/JPY rejected just below 83.00, drops sharply

The AUD/JPY cross consolidated the latest recovery in early Asian, and now breaks lower on the back of disappointing Aus trade balance data, which showed a sharp decline in the country’s exports.

The latest leg down in the cross was mainly driven by fresh selling see in the AUD/USD pair, with the rate losing 15-pips in a knee-jerk reaction to the bad data.

However, the losses appear capped amid fresh bid tone caught by USD/JPY amid better sentiment seen towards the US dollar and oil prices, while a minor-recovery in the Japanese stocks combined with downbeat Japanese GDP data also a collaborates to the renewed uptick in the core pair.

The immediate focus now remains on the Chinese trade data, while the main risk event for markets remain the UK election due later today.

Technical Levels

Higher side: 83.04 (50-DMA), 83.50 (psychological levels), 84.18 (200-DMA)

Lower side: 81.92/91 (key support), 81.71 (multi-week low), 81.43 (Apr 19 low)