AUD/JPY stretching for the 83.00 handle just ahead of Australian jobs, unemployment rate

  • Aussie catching some lift in the early Asia trading session.
  • Aussie direction depends on the Australian employment figures due early Thursday.

The AUD/JPY is trading near the 83.00 major handle in the overnight session after rising from Wednesday's low of 82.17.

The pair is trying to extend yesterday's gains, but the Australian employment figures could pull the plug on the current Aussie recovery, as limited as it might be. Australian jobs figures at 01:30 are expected to show an uptick in employed positions by 20 thousand, and a miss for the headline unemployment rate, expected to remain flat at 5.5%, could send the AUD lower once more.

The Japanese Yen is struggling to get its feet underneath it after Japanese Machine orders missed expectations, with the year-on-year figures for March printing at a surprise -2.4%, much lower than the expected 0.3%. Late Thursday will also bring National CPI figures for Japan at 23:30 GMT, but the Tokyo CPI figures, which come out two weeks earlier, are a fairly accurate barometer of inflation for the country, and the national figures are unlikely to surprise.

AUD/JPY levels to watch

The pair has managed a close above the 50 EMA (82.80) on Daily candles, and while the current attempt to stage a technical correction is kicking off from a higher low (81.15), resistance still remains at the last major swing high (84.00), while the 61.8 Fibo retracement level (82.95) appears to be trapping prices for now.

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