AUD/JPY Technical Analysis: 77.50 again triggered the bounce targeting 78.77

Anil Panchal FXStreet

AUD/JPY daily chart

The AUD/JPY pair stretched its Friday’s bounce to near 78.00 during initial trading hours on Monday.
The 78.77 horizontal-line connecting early January highs seem immediate resistance for the pair, breaking which 50-day simple moving average (SMA) at 79.15 could restrict further upside.
Alternatively, pair’s declines under 77.50 can avail 77.00 as an intermediate halt prior to slipping through 76.00.

AUD/JPY 4-hour chart

The H4 chart clearly portrays the pair’s recent bounce off the 77.50 targeting 78.77 with 79.15 and the 79.85 being following resistances to watch.
Also, the 76.60 may act as buffer during the pair’s slide under 77.00 towards 76.00.

AUD/JPY Hourly chart

In addition to its U-turn from 77.50, pair’s break of immediate trend-line resistance on hourly chart also favors the AUD/JPY’s upside to 78.77. However, 78.50 may offer a stop during the advances.
On the downside, 77.70 and the 77.50 can keep limiting the pair’s downturn.

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.

EUR/USD weakens as US jobs data trims Fed rate cut bets

The EUR/USD pair trades in negative territory for the third consecutive day near 1.1860 during the early European session on Thursday. Traders will keep an eye on the US weekly Initial Jobless Claims data. On Friday, the attention will shift to the US Consumer Price Index inflation report.

GBP/USD bullish outlook prevails above 1.3600, UK GDP data looms

The GBP/USD pair gains ground near 1.3635, snapping the two-day losing streak during the early European session on Thursday. The preliminary reading of UK Gross Domestic Product for the fourth quarter will be closely watched later on Thursday. The UK economy is estimated to grow 0.2% QoQ in Q4, versus 0.1% in Q1.

Gold remains on the defensive below two-week top; lacks bearish conviction amid mixed cues

Gold sticks to modest intraday losses through the Asian session on Thursday, though it lacks follow-through selling and remains close to a nearly two-week high, touched the previous day. The commodity currently trades above the $5,070 level, down just over 0.20% for the day, amid mixed cues.

UK GDP set to post weak growth as markets rise bets on March rate cut

Markets will be watching closely on Thursday, when the United Kingdom’s Office for National Statistics will release the advance estimate of Q4 Gross Domestic Product. If the data land in line with consensus, the UK economy would have continued to grow at an annualised pace of 1.2%, compared with 1.3% recorded the previous year.

The market trades the path not the past

The payroll number did not just beat. It reset the tone. 130,000 vs. 65,000 expected, with a 35,000 whisper. 79 of 80 economists leaning the wrong way. Unemployment and underemployment are edging lower. For all the statistical fog around birth-death adjustments and seasonal quirks, the core message was unmistakable. The labour market is not cracking.

Sonic Labs’ vertical integration fuels recovery in S token

Sonic, previously Fantom (FTM), is extending its recovery trade at $0.048 at the time of writing, after rebounding by over 12% the previous day. The recovery thesis’ strengths lie in the optimism surrounding Sonic Labs’ Wednesday announcement to shift to a vertically integrated model, aimed at boosting S token utility.