AUD/JPY fighting to hold onto 83.00 in early Tokyo trading

• AUD/JPY trying to find some bids after a six-week decline.
• Aussie trade surplus beat competing with positive Japan GDP revision.

AUD/JPY is on the weak side but is continuing to push steadily, fighting against the Yen to trade just above the 83.00 handle.

The Aussie tumbled against the Yen early Wednesday but recovered slowly to finish the day where it started,  with ongoing market fears about trade wars taking some of the teeth out of risk appetite. The AUD/JPY looks set to continue climbing through the overnight session despite an upward revision to Japan's GDP figures for the final quarter of 2017 giving the Yen a mild boost in the early Tokyo session.

The Australian Trade Balance came in at a huge beat over forecasts, printing an A$1.05B surplus, cleanly beating both the A$300M forecast and the -A$1.35B deficit. The Aussie reaction has been positive, negating any Yen gains from the Japanese GDP revision, but moves are still quiet with volumes thin and activity light.

AUD/JPY Technicals

The pair is deeply bearish, sinking below the 200-day SMA and has declined for six straight weeks, and the recent bounce from 81.50 instills little confidence with the H4 charts showing any higher highs are still yet to come, and every half-hearted push upwards is met with a new lower low. Intraday support can be found at 82.45 and the 82.00 major level, while resistance is priced in at 83.30 and 84.15.