AUD/JPY slips in Tokyo trading, on the bearish side with Australia employment looming

AUD/JPY still prone to downside action.
Pair near the floor ahead of Australian employment data on Thursday.

Joshua Gibson FXStreet

AUD/JPY is settling after slipping 30 pips to 84.60 in a risk sell-off during Tokyo trading.

The Yen gained ground briefly following a quick slide in the Nikkei Index brought on by another impulsive sell-off in jittery markets.

The Aussie continues to suffer in global markets as economic data from Australia continues to be mixed, if not outright disappointing. With sluggish growth, the Reserve Bank of Australia (RBA) has been forced to maintain subdued rhetoric lines, with an inclination to stand pat on interest rates for the rest of the year, lagging behind their peers in the Americas and Europe.

Australia drops Employment Change and Unemployment Rate figures on Thursday at 01:30 GMT; with market forecasts anticipating a middling of the numbers over the previous period, a net-positive beat would give the RBA a good push into more rate-positive territory.

AUD/JPY Technicals

The pair is still trading on the low side, with Intraday support/resistance priced in at 84.35 and 85.50 respectively. Daily candles show the pair is trading into old support near 85.38, and a breakdown from here would see the pair unchallenged until the next support zone at 81.70. Bullish swings will be capped by resistance from the 200-day SMA, currently at 86.25.

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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