Key Points
- The Aussie Dollar managed to pop higher vs the Japanese Yen after trading as low as 78.03.
- There was a bearish trend line formed on the hourly chart of the AUDJPY pair, which was broken during the upside move.
- Today in Australia, the ANZ job advertisements report was released by the Australia and New Zealand Banking Group Limited (ANZ).
- As per the report, the ANZ job advertisements rose 2.4% in May 2016, which was better compared with the last decline of 0.6%.
Technical Analysis
The Aussie dollar struggled during the past week vs the Japanese yen, and traded towards the 78.00 handle where the bulls appeared to defend any further downside. The AUDJPY pair is currently recovering, and in the process it also broke a bearish trend line formed on the hourly chart.
More importantly, the pair also cleared and settled above the 50 hourly simple moving average, which is a positive sign.
Buying dips remain a good option in AUDJPY as long as the pair is above the 50 hourly SMA.
Australia ANZ Job Advertisements
The ANZ job advertisements, which presents the number of job advertisements in the major metropolitan newspapers and on the internet sites was released by the Australia and New Zealand Banking Group Limited (ANZ). The market was not expecting any major increase in the number of job advertisements.
However, the result was positive, as the number of job advertisements increased by 2.4% in May 2016, which was better compared with the last decline of 0.6%. In terms of the yearly change, there was a rise of 9.1% in May 2016, compared with the same month a year ago.
Overall, the Aussie dollar is recovering, and if the current trend stays intact, there is a chance of a move above the 79.00 level in AUDJPY.
