AUD/JPY Technical Analysis: Breaks above 200-hour EMA as Aussie jobless rate falls to 5%

The AUD/JPY pair convincingly crossed the 200-hour exponential moving average (EMA) of 80.14 after the Australian Bureau of Statistics (ABS) reported a drop in the jobless rate to 5 percent in September - the lowest level since 2012.
The break above the 200-hour EMA and a rise to a session high of 80.32 validate the bullish divergence of the relative strength index (RSI) on the 4-hour chart and indicates scope for a rally to the next resistance lined up at 80.60.
The major moving averages - 50-day, 100-day, and 200-day EMAs - are beginning to rise favor of the AUD bulls.

Omkar Godbole FXStreet Contributor

Hourly Chart

Spot Rate: 80.28

Daily High: 80.32

Daily Low: 79.99

Trend: Bullish

Resistance

R1: 80.60 (Oct. 10 high)

R2: 80.86 (50-day EMA)

R3: 81.46 (100-day EMA)

Support

S1: 80.00 (psychological support)

S2: 79.48 (Oct. 15 low)

S3: 79.04 (Oct. 11 low)

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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