Key Highlights
Aussie Dollar rocketed higher during the Asian session, as the employment report released in Australian was better-than-expected.
Australian Employment Change released by the Australian Bureau of Statistics came in at 42.0K in May 2015, compared to the expectation of 11.0K.
AUDJPY pair surged higher after the report was published, but facing an important resistance area.
AUDJPY – Technical Analysis
As mentioned the AUDJPY pair traded higher, and moved by more than 50 pips to trade near a monster resistance area. There is a critical confluence area formed around 95.50-70, as there are many hurdles around the mentioned area. The 100 hourly simple moving average (SMA), 200 SMA, a couple of bearish trend lines and the 76.4% Fib retracement level of the last drop from the 96.09 high to 94.44 low are positioned around a same area. In short, buyers might face a tough time to take the pair higher moving ahead.
If the AUDJPY pair settles successfully above the 95.70 level, then there is a chance of it moving towards 96.00. On the downside, the 95.40 level can be seen as an immediate support area, followed by 95.10. The hourly RSI is above the 50 level, which is a bullish sign in the short term.
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