AUD/JPY rises to one-week high on Aussie data
|- AUD/JPY clocks one-week high.
- Upbeat Aussie wage growth data overshadowed to some extent by dismal construction sector data.
AUD/JPY rose to 84.86 - the highest level since Feb. 14 after the Australian Bureau of Statistics (ABS) reported a better-than-expected fourth quarter wage growth figure.
As of writing, the currency pair is trading at 84.78 levels. The Aussie Q4 wage price index printed at 0.6 percent quarter-on-quarter, beating the estimated of 0.5 percent. Also, the annualized number bettered estimate to print at 2.1 percent.
Still, the Aussie dollar has not been able to score big gains, possibly due to a big decline in the construction data. The Aussie construction work done fell 19.4 percent from the previous quarter's upwardly revised figure of 16.6 percent. The economists were expecting a drop of 10 percent.
Ahead in the day, the AUD/JPY could find strong hands if the stock markets in Europe and US trade in green.
AUD/JPY Technical Levels
A break above 84.99 (Feb. 6 low) would open doors for 85.60 (Feb. 13 high). A close above the same would allow for a stronger gain towards 86.56 (200-day MA). On the downside, breach of support at 84.53 (session low) could yield re-test of 84.00 (psychological level), under which a major support is seen at 83.32 (Feb. 14 low).
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