AUDJPY – Buy Aussie Dollar Vs Japanese Yen Post Employment Report?
Key Highlights
• The Aussie dollar after trading as high as 80.02 against the Japanese yen started correcting lower.
• There is a crucial bullish trend line formed on the 4-hours chart of AUDJPY, which may act as a support around 78.80.
• Today, the Australian Employment Change released by the Australian Bureau of Statistics posted a change of -9.8K in Sep 2016.
• The Australian Unemployment rate came in at 5.6%, compared with the forecast of 5.7% in Sep 2016.
AUDJPY Technical Analysis
The Aussie dollar climbed higher this week to challenge the all-important 80 handle versus the Japanese yen. However, there was a rejection in AUDJPY. Let us see whether the pair can bounce one more time or not.
The pair is currently correcting lower, and may trade towards the 38.2% Fib retracement level of the last wave from the 77.74 low to 80.02 high, which may act as a support area.
Moreover, as mentioned, there is a crucial bullish trend line formed on the 4-hours chart, which can be considered as a buy area if the pair moves down. On the upside, a break above 80.00 might clear the path for further gains in AUDJPY.
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Posted by Aayush Jindal - 'Titan FX Currency Analyst'
Key Highlights
• The Aussie dollar after trading as high as 80.02 against the Japanese yen started correcting lower.
• There is a crucial bullish trend line formed on the 4-hours chart of AUDJPY, which may act as a support around 78.80.
• Today, the Australian Employment Change released by the Australian Bureau of Statistics posted a change of -9.8K in Sep 2016.
• The Australian Unemployment rate came in at 5.6%, compared with the forecast of 5.7% in Sep 2016.
AUDJPY Technical Analysis
The Aussie dollar climbed higher this week to challenge the all-important 80 handle versus the Japanese yen. However, there was a rejection in AUDJPY. Let us see whether the pair can bounce one more time or not.
![AUDJPY-10.20.2016-768x401.png](/proxy.php?image=https%3A%2F%2Ftitanfx.com%2Fwp-content%2Fuploads%2F2016%2F10%2FAUDJPY-10.20.2016-768x401.png&hash=665c337d70f6b83ed06484a0e895d5d5)
The pair is currently correcting lower, and may trade towards the 38.2% Fib retracement level of the last wave from the 77.74 low to 80.02 high, which may act as a support area.
Moreover, as mentioned, there is a crucial bullish trend line formed on the 4-hours chart, which can be considered as a buy area if the pair moves down. On the upside, a break above 80.00 might clear the path for further gains in AUDJPY.
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Posted by Aayush Jindal - 'Titan FX Currency Analyst'