AUD/JPY: Aus Jobs Upbeat but 84.00 Tough Nut to Crack
AUD/JPY
has printed an hourly bearish order book sweep, also know as engulfing
candle, following a counter-intuitive reaction to better-than-expected
Australian employment figures, with the exchange rate last exchanging
hands circa 83.50, down 40 pips from its day high.
Australian jobs an excuse to sell expensive Aussie
The
Australian Bureau of Statistics reported an Australian employment
change s.a. of +26.1K in March, above forecasts of +17k, with the
unemployment rate s.a. at 5.7% vs 5.9% exp. Fulltime employment stood at
-8.8k vs previous 15.9K, while part-time employment rose by 34.9k from
previous -15.6k. Participation rate was 64.9% vs expected 65.0 and prior
of 64.9%. If anything, the data should lower the odds of further cuts
by the Reserve Bank of Australia.
AUD/JPY technicals
Technically
speaking, the AUD/JPY is currently confined in an hourly range between
84.00 and 83.30, with market makers having taken near term control amid
the recent weakness in both the Aussie and the Yen on Wednesday. On the
upside, a break above the 84.00 level may expose the next resistance
area at 84.40 (horizontal line aligning with March 23/24 lows + Daily
R2), ahead of 84.50 mid round number and 85.00 psychological level. On
the downside, a resolution past 83.30 will see 83.00 round number come
into play, ahead of deeper declines towards 82.80 (Daily S2) and 82.50
mid round number.
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