AUD/JPY stages solid comeback on stellar Aus jobs

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 10, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Mumbai) - The Australian dollar rallied more than 1 big figure against its Japanese counterpart this session, with AUD/JPY storming through 89 handle, after the Australian jobless rate unexpectedly ticked lower in Nov.

    AUD/JPY spikes on jobs data

    Currently, the AUD/JPY pair rises 1.38% to 89, quickly retreating from fresh session highs reached at 89.14 post-data release. The AUD bulls fought back control and charged its way higher against the yen after stellar Aus jobs data, which revealed that the unemployment rate fell to the lowest since May 2014 and registered second drop in a row, thus, fading calls for further action from RBA.

    The economy added a net 71,400 jobs in November, driving the jobless rate down from 5.9% in October to 5.8% last month, beating expectations of a rise to 6% in Nov.

    AUD/JPY also remained indifferent to the persisting risk-off market profile and bounced higher, completely ignoring the renewed bout buying interest seen in the yen on falling Asian equities. Meanwhile, markets will digest the stronger OZ jobs data ahead of the US weekly jobless data.

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    AUD/JPY Technical Levels

    To the upside, the next resistance is located at 89.55 (10-SMA) and above which it could extend gains to 90.24 (200-DMA). To the downside immediate support might be located 88.31 (Nov 26 low) below that at 88 (Nov 30 low).
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