Key Points
- The Aussie Dollar made a nice upside move and traded above 88.50 against the Japanese Yen.
- There is a major bullish trend line forming with support at 88.00 on the hourly chart of AUDJPY.
- Today in Australia, the Employment Change figure for Sep 2017 was released by the Australian Bureau of Statistics.
- The outcome was above the forecast of 15K as there was a change of 19.8K.
AUDJPY Technical Analysis
The Aussie Dollar surged higher recently and traded above the 88.30 resistance against the Japanese Yen. The AUDJPY pair traded as high as 88.88, where it found resistance and later started a downside move towards the 88.50 level.
An initial support on the downside is around the 23.6% Fib retracement level of the last wave from the 87.81 low to 88.88 high. However, the most important support is near the 50% Fib retracement level of the last wave from the 87.81 low to 88.88 high at 88.34.
Overall, the pair remains buy on dips as long as there is no close below the 88.30 level. There is also a major bullish trend line forming with support at 88.00 on the hourly chart, waiting to act as a support.
Australia’s Employment Change
Recently in Australia, the Employment Change figure for Sep 2017 was released by the Australian Bureau of Statistics. The market was positioned for the Employment Change to be 15K compared with the last 54.2K.
The actual result was above the forecast of 15K as there was a change of 19.8K. However, it was well below the last revised reading of 53K. The report added that:
Employment increased 19,800 to 12,290,200. Full-time employment increased 6,100 to 8,398,200 and part-time employment increased 13,700 to 3,892,000.
Overall, the AUDJPY pair might correct a few pips in the short term, but remains supported on the downside near 88.30.
