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AUD/JPY drops on China data

FXStreet (Mumbai) - The AUD/JPY pair dropped in Asia on Wednesday, highlighting risk aversion in the markets after China data added to concerns of a slowdown in the world’s second largest economy.

Supported at 84.00

The pair printed a low of 84.02 before moving back slightly to trade around 84.30 levels. The Aussie weakened, while the safe haven Japanese Yen advanced after the China Caixin Manufacturing index for September fell to 47, from the August level of 47.3, putting it at a 78-month low. The weakness in the manufacturing activity is hardly surprising since the nation has seen sequential drop in exports.

Still, the data weighed over the Aussie and led to risk aversion in the markets. Consequently, the AUD/JPY cross fell sharply in Asia and appears poised for the third consecutive session of losses.

AUD/JPY Technical Levels

The immediate support is located at 84.00, under which the pair could drop to 83.33 (Sep 10 low). On the other side, resistance is located at 85.14 (daily low) and 86.05 (5-DMA).

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