AUD/JPY hits fresh daily low after weak China trade data

AUD/JPY clocked a fresh daily low of 80.27 after the data released in China showed exports dropped 7.3% in October. 

Retreats from 3-1/2 month highs

The cross retreated from 80.79 (previous session high), the highest level since July 15 as caution ahead of the US elections strengthened the bid tone around the Japanese Yen. 

Meanwhile, the offered tone around the Aussie strengthened as well on account of a weak China data. Chinese exports dropped 7.3% y/y in October in USD terms, beating the estimated drop of 6%. Meanwhile, imports dropped 1.4% as well. 

The cross was last seen trading around 80.30 levels.

AUD/JPY Technical Levels

A break above 80.64 (Nov 1 high) would expose strong resistance at 80.79 (previous day's high) and 81.00 (zero figure) levels. On the other hand, a breakdown of support at 80.00 (200-DMA) would open doors for a drop to 79.74 (10-DMA) and 79.28 (Oct 31 low).