AUD/JPY falls to 1hr20/50 sma on Aus jobs miss

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 18, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    AUD/JPY is down to test the convergence of the 20 and 50 sma on the hourly chart acting as a support line on the back of the Aussie jobs disappointment, which was a very large miss in the headline and the employment change. This arrived as -7.9k vs the expected add of 13k jobs for January.

    AUD/USD was sold off from below the 0.7185 high and down to test the 50 sma on the hourly chart at 0.7135 with a low of 0.7134 so far at time of writing. This price action transferred across the crosses in the Aussie and AUD/JPY bears have the 100 sma and 200 sma converging below as next target at 81.09/14.

    For full details of the jobs report, go here.

    Japan's poor exports

    Meanwhile, for Japan, a drop in exports weighs on the Yen's recovery,and oil could be to blame as well as the strength of the Yen, and if set to continue we might see more of the same in Japan's trade balance.

    AUD/JPY levels

    The aforementioned ma's on the hourly as levels of support in the near term. Further out, the price is in bearish territory below the 20 dma at 82.66 and the 50 dma at 84.13 while a strong downtrend was formed in the location of the 100 dma at 85.74 today. The pivot at 81.34 is within touching distance and key downside target is 78.20 in the vicinity of S3, guarding the Feb and 2016 low of 77.58.
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