The Australian Dollar came under mild selling pressure after a report showed that private sector credit eased. Adding to bearish momentum was an unexpected acceleration in the rate of contraction in the Chinese manufacturing sector. The services sector also slowed down which added to growth concerns. How will the AUDJPY trade as more global economic data will trickle in throughout the session? Today’s fundamental analysis will take a look at price action in both directions.

The Bank of Japan left its interest rate unchanged at -0.10% as expected, but kept the door open to future tweaks to its monetary policy. Providing a boost to the Japanese Yen was the better-than-expected reading on industrial production, while housing starts decreased less than forecast and consumer confidence improved slightly from depressed levels. Will bears pressure the AUDJPY lower or can bulls force more upside? Subscribe to the PaxForex Daily Fundamental Analysis and earn over 5,000 pips per month.