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.

Omkar Godbole FXStreet Contributor

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).

	TREND INDEX	OB/OS INDEX	VOLATILY INDEX
15M	Bearish	Neutral	High
1H	Bullish	Neutral	Shrinking
4H	Bearish	Neutral	Shrinking
1D	Bearish	Neutral	Expanding
1W	Strongly Bearish	Neutral	High
Updated Feb 21, 01:00 GMT

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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