- The Aussie is jumping higher against the JPY as Australian employment figures come in widely higher than expectations.
- Australia’s number of employed people jumped by a forecast-clobbering 50.9 thousand.
The AUD/JPY is bounding higher in Thursday’s early session, climbing into 83.80 following a better-than-expected Australian employment report, which showed the Australian economy adding over 50 thousand new jobs to the landscape, far above the expected 17 thousand.
Australia’s latest round of employment figures was a stellar outing; full-time and part-time employment both rose, by 41.2 thousand and 9.7 thousand respectively, while the Participation Rate improved to 65.7% versus the previous reading of 65.5%. The positive printing for Australian jobs also helped to wipe out the deficit in full-time employment, which showed a -20.6 thousand decrease back in May.
AUD/JPY Technical Analysis
The Aussie rebounded against the safe-haven Yen in Wednesday’s US session, recovering from the day’s low of 82.83 as broader markets saw a recovery in risk appetite, but Australia’s employment figures are now driving market sentiment for Thursday’s action, leading the AUD/JPY pair by the nose into fresh highs for July near 83.80, with resistance from June’s peaks nearby from 84.15 to 84.50.
AUD/JPY Chart, 15-Minute
| Spot rate: | 83.80 |
| Relative change: | 0.42% |
| High: | 83.91 |
| Low: | 83.37 |
| Trend: | Bullish |
| Support 1: | 83.37 (current day low) |
| Support 2: | 83.10 (61.8% Fibo retracement level) |
| Support 3: | 82.83 (previous day low) |
| Resistance 1: | 83.98 (June 13th swing high) |
| Resistance 2: | 84.13 (100.0% Fibo expansion level) |
| Resistance 3: | 84.53 (June high) |
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