Source: PaxForex Premium Analytics Portal, Fundamental Insight
The Final Australian Judo Bank Manufacturing PMI for June came in at 48.2. Economists predicted a figure of 48.6. Forex traders can compare this to the Australian Judo Bank Manufacturing PMI for May, reported at 48.4.
Australian ANZ Job Advertisements for June dropped 2.5% monthly. Forex traders can compare this to Australian ANZ Job Advertisements for May, which were flat at 0.0% monthly.
Australian TD Securities Inflation for June increased by 0.1% monthly. Forex traders can compare this to Australian TD Securities Inflation for May, which rose 0.9% monthly.
Australian Home Loans for June increased by 4.0% monthly. Economists predicted an increase of 2.0% monthly. Forex traders can compare this to Australian Home Loans for May, which decreased by 3.0% monthly. Australian Investment Lending for June surged 6.2% monthly. Forex traders can compare this to Australian Investment Lending for May, which contracted 0.9% monthly.
Australian Building Approvals for May surged 20.6% monthly and dropped 9.8% annualized. Economists predicted an increase of 1.0% monthly and 1.9% annualized. Forex traders can compare this to Australian Building Approvals for April, which dropped 6.8% monthly and 18.7% annualized. Australian Private House Approvals for May rose 0.9% monthly. Forex traders can compare this to Australian Private House Approvals for April, which contracted 3.8% monthly.
The Chinese Caixin Manufacturing PMI for June came in at 50.5. Economists predicted a figure of 50.2. Forex traders can compare this to the Chinese Caixin Manufacturing PMI for May, reported at 50.9.
The Tankan Large Manufacturers Index for the second quarter came in at 5, and the Tankan Large Manufacturers Outlook at 9. Economists predicted a figure of 3 and 5. Forex traders can compare this to the Tankan Large Manufacturers Index for the first quarter, reported at 1, and the Tankan Large Manufacturers Outlook at 3. The Tankan Large Non-Manufacturers Index for the second quarter came in at 23, and the Tankan Large Non-Manufacturers Outlook at 20. Economists predicted a figure of 22 and 21. Forex traders can compare this to the Tankan Large Non-Manufacturers Index for the first quarter, reported at 20, and the Tankan Large Non-Manufacturers Outlook at 15. The Tankan Small Manufacturers Index for the second quarter came in at -5, and the Tankan Small Manufacturers Outlook at -1. Economists predicted a figure of -4 and -2. Forex traders can compare this to the Tankan Small Manufacturers Index for the first quarter, reported at -6, and the Tankan Small Manufacturers Outlook at -4. The Tankan Small Non-Manufacturers Index for the second quarter came in at 11, and the Tankan Small Non-Manufacturers Outlook at 7. Economists predicted a figure of 7 and 1. Forex traders can compare this to the Tankan Small Non-Manufacturers Index for the first quarter, reported at 8, and the Tankan Small Non-Manufacturers Outlook at -3. The Japanese Tankan Large All Industry Capex Index for the second quarter increased by 13.4% quarterly, and the Japanese Tankan Small All Industry Capex Index by 2.4% quarterly. Economists predicted a rise of 10.1% and 2.5%. Forex traders can compare this to the Japanese Tankan Large All Industry Capex Index for the first quarter, which expanded by 3.2% quarterly, and the Japanese Tankan Small All Industry Capex Index, by 1.4% quarterly.
The Final Japanese Manufacturing PMI for June came in at 49.8. Forex traders can compare this to the Japanese Manufacturing PMI for May, reported at 50.6.
The forecast for the AUD/JPY turned cautiously bearish after the horizontal resistance area prevented a breakout. A flag formation may form, suggesting more upside, but bearish pressures from them the descending Tenkan-sen and the flat Ichimoku Kinko Hyo Cloud could overpower price action. The Kijun-sen flatlined, and traders should monitor the CCI following its breakdown from extreme overbought territory. This technical indicator briefly dipped below zero and recovered above it but has plenty of downside potential. Can bears force the AUD/JPY into its horizontal support area? Subscribe to the PaxForex Daily Fundamental Analysis and earn over 5,000 pips per month.
Should price action for the AUD/JPY remain inside the or breakdown below the 95.800 to 96.650 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 96.300
- Take Profit Zone: 92.400 – 93.500
- Stop Loss Level: 97.200
Should price action for the AUD/JPY breakout above 96.650, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 97.200
- Take Profit Zone: 97.900 – 98.450
- Stop Loss Level: 96.650
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