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AUD/JPY bulls looking for 88 handle post Aussie jobs

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 12, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Guatemala) - AUD/JPY is currently trading at 87.90 with a high of 87.95 and a low of 80.41.

    AUD/JPY spiked on the Aussie jobs data that took markets by surprise in so much that the numbers were outstanding and puts the ideas that the RBA could cut rates sometime soon on ice. The RBA are reluctant to cut rates and have expressed a more dovish concern of late due to the Global headwinds weighing on the performance outlook for the Australian economy. The risk appetite and Central Bank divergences will likely improve on this data and expose the upside for the cross towards the 88 handle and October highs of 88.61 as near term target.

    The full-time jobs arrived at 40k vs -10.4k last, with part-time jumping 18.6k. The key Australian unemployment rate fell out of the RBA's advised bracket of 6 to 6.5% and dropped to 5.9% vs 6.2% expected and 6.2% last. The participation rate however was at 65% vs 64.9% exp and 64.9% last.

    AUD/JPY levels

    Technically, the cross remains in a bearish trend, but recovering from the Sep lows of 82.11 targeting 89.00 to move back into a neutral position and extending towards the 200 DMA at 91.00. A break higher here would replace the bearish trend and price would be falling back into the wider up trend from 2012 lows.
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