The offered tone around AUD gathered pace as the headline retail sales for December dropped 0.1% vs. 0.3% expected. The seasonally adjusted estimate fell 0.1% in December 2016. The 10-year Australian government bond yield dropped more than two basis points following the data release.
Meanwhile, the early losses in the Dollar-Yen ensured the cross was on the back foot before the Aussie data hit the wires.
AUD/JPY Technical Levels
The cross hit a high of 86.49 earlier today before deflating to 86.10 levels. Friday’s high was 86.73. A breakdown of support at 86.08 (5-DMA) would expose 50-DMA at 85.40, under which losses could be extended to 85.00 (zero figure). On the higher side, violation at 86.52 (Feb 2 high) could yield a re-test of 86.73 (Fri’s high). The next major hurdle is seen at 87.09 (Jan 27 high).
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