AUD/JPY Price Analysis: 200-HMA regains bull’s attention on upbeat Aussie employment data
- AUD/JPY pokes two-day-old descending resistance line on strong Australia jobs report for December.
- Aussie Employment Change rose past forecast, Unemployment Rate dropped.
- Firmer RSI, upbeat data keeps buyers hopeful but two-week-long descending trend line is the key hurdle.
AUD/JPY cheered upbeat Australia jobs report while poking an immediate resistance line near 82.70, up 0.27% intraday during early Thursday.
Australia’s headline Employment Change rose past 30.0K forecast to 64.8K while the Unemployment Rate dropped below 4.5% market consensus and 4.6% prior t o4.2%. Further, Fulltime Employment eased below 128.3K previous readouts to 41.5K and the Participation Rate also reprinted 66.1% figure versus 66.2% market forecasts.
Read: Breaking: Australia Employment Report: Upbeat details for December recall AUD/USD buyers
That said, firmer RSI conditions, not overbought, also favor the AUD/JPY bulls to overcome the immediate trend line hurdle surrounding 82.75.
However, the 200-HMA level 82.85 and a descending trend line from January 05, close to 83.30, will challenge the pair buyers afterward.
On the contrary, an upward sloping trend line from the previous day, near 82.45, restricts the quote’s immediate downside ahead of the monthly low of 82.08 and the 82.00 threshold.
Following that, a gradual decline towards the early December swing high near 81.70 can’t be ruled out.
AUD/JPY: Hourly chart
Trend: Further recovery expected
Author
Anil Panchal
FXStreet
Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.
