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AUD/JPY charts on Trading View used for analysis
- AUD/JPY is trading 0.44% higher on the day at 82.513 at the time of trading.
- The pair has ignored Doji formation on daily charts and is extending upside above 200-DMA.
- Aussied buoyed on another much stronger than expected Australia jobs data.
- Australia's seasonally-adjusted Unemployment rate came in at 5.0%, shrugging off broad market expectations for a tick upwards to 5.1%.
- The participation rate printed at 65.6%, outpacing both the 65.5% expectation and 65.4% previous showing.
- On the otherside, technical analysis also support upside in the pair. Momentum with the bulls.
- Price action hovers around 38.2% Fib, scope for test of 83.05 (Nov 8 highs) ahead of 83.94 (July 19 high).
- 200-DMA is now strong support at 82. Break below to see weakness. Dip till 21-EMA at 81.37 likely.
Support levels - 82.13 (5-DMA), 82 (200-DMA), 81.37 (21-EMA)
Resistance levels - 82.58 (38.2% Fib), 83.05 (Nov 8 highs), 83.94 (July 19 high)
Recommendation: Good to go long on dips around 82.45/50, SL: 82, TP: 83/ 83.90
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
