AUD/JPY: Aus jobs upbeat but 84.00 tough nut to crack

By FXStreet AUD/JPY has printed an hourly bearish order book sweep, also know as engulfing candle, following a counter-intuitive reaction to better-than-expected Australian employment figures, with the exchange rate last exchanging hands circa 83.50, down 40 pips from its day high.

Australian jobs an excuse to sell expensive Aussie

The Australian Bureau of Statistics reported an Australian employment change s.a. of +26.1K in March, above forecasts of +17k, with the unemployment rate s.a. at 5.7% vs 5.9% exp. Fulltime employment stood at -8.8k vs previous 15.9K, while part-time employment rose by 34.9k from previous -15.6k. Participation rate was 64.9% vs expected 65.0 and prior of 64.9%. If anything, the data should lower the odds of further cuts by the Reserve Bank of Australia.

AUD/JPY technicals

Technically speaking, the AUD/JPY is currently confined in an hourly range between 84.00 and 83.30, with market makers having taken near term control amid the recent weakness in both the Aussie and the Yen on Wednesday. On the upside, a break above the 84.00 level may expose the next resistance area at 84.40 (horizontal line aligning with March 23/24 lows + Daily R2), ahead of 84.50 mid round number and 85.00 psychological level. On the downside, a resolution past 83.30 …read more

Source:: FX Street