AUD/JPY: bulls battle back on 79 handle
Despite a weaker global picture to start the week off, AUD/JPY is resilient in the Tokyo open.
AUD/JPY had been soft in early Asia in response to soft weekend China data. However, there was a re-bound 78.65 lows and the price has been as high as 78.98 at time of writing. Industrial production for China printed a big miss at 6.0% y/y, down from 6.8% in March and the expected 6.5% which was weighing on AUD.
AUD/USD: China pressures bulls commitments - Westpac
AUD/JPY remains in negative territory below below the moving averages on the 4hr chart and eyes the 6th May lows at 78.17. The 10 dma at 79.57 is next key resistance 6th April lows at 80.67. the 200 dma is at 85.14 and 2016 highs are at 86.70. To the downside, 77.58 are the lows for the year with 78.20 next key support on a break of the recent lows of 78.63.