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AUD/JPY struggling to hold 80.00 ahead of Aussie jobs

  • The AUD/JPY is tensing ahead of Aussie and Japanese data.
  • Japan’s Trade Balance is expected to contract, while Aussie jobs are forecast to moderate.

The AUD/JPY is trading into the 80.00 major handle ahead of Australia’s latest Unemployment Rate figures, while Yen traders will be keeping a close eye on the Japanese Trade Balance figures due just ahead.

Australia will be dropping their updated jobs report and AUD traders are bracing for a softened reading after the previous period’s bumper job creation figures, and Aussie markets are anticipating the seasonally-adjusted Unemployment Rate to remain steady at 5.4%, while the Employment Change is expected to only add 15 thousand jobs compared to June’s 51 thousand jobs added.

On the Yen side traders are bracing for a rapid contraction in Japan’s Merchandise Trade Balance, with forecasts calling for a   ¥-50.0 billion contraction after the last reported ¥720.0 billion; the contraction is due to an expected pop in imports, with forecasts calling for a jump from 2.6% to 14.4%.

AUD/JPY levels to watch

The Aussie knocked into a new low for 2018 this week against the Yen, and now the current floor sits on thin support at 79.70, and a continued decline will see little support until 2016’s last swing low at 76.75, while a bullish recovery will see stiff resistance from the 81.00 handle and last week’s peak of 82.80.

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