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AUD/JPY soars on Australian jobs, 86.00 in sight

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 17, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    AUD/JPY is building up its bullish momentum, first initiated on the back of a surprisingly dovish FOMC, to now have targeted the area 85.65, following a neutral Australian jobs report, in which total employment failed to meet expectations, while full time jobs improved above expectations, after a dismal read last month.

    Australian jobs underpinned Aussie

    As reported earlier, Australia´s Bureau of Statistics (ABS) reveled a 0.3k increase in total employment (seasonally adjusted) vs +10k expected by Reuters. Full-time jobs came in at 15.9k vs -40.3k last (revised), while part-time saw a decline of -15.6k. Australian unemployment rate was unchanged at 5.8% vs 6% expected, with the participation rate at 64.9% vs 65.1% last (revised).

    AUD/JPY technicals show constructive scenario

    The impulsive rise from levels sub 85.00 suggests that momentum may be prolonged all the way towards the next round number at 86.00, even as high as technical resistance at 86.40/50, level where strong offers are expected. On the downside, as long as 85.00 psychological level is defended, the bulls have the upper hand amid a demand environment (risk on, commodities rising).
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