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AUD/JPY gets knocked off its high horse, back into 83.50 on Aussie jobs miss

4/19/2018, 10:10:38 AMMarket Analysis
AUD/JPY gets knocked off its high horse, back into 83.50 on Aussie jobs miss

The AUD/JPY tumbled from session high of 83.83 into 83.50 region on reaction, and the pair seems to have leveled out near 83.60.

Australia jobless rate ticked lower in March, full time jobs surprised negatively

The Australian jobs report came out, and the numbers took the Aussie lower. The Australian Unemployment Rate came in at expectation at 5.5 percent, holding steady and declining slightly against the previous reading of 5.6 percent, but new jobs were a big miss for the report, with the seasonally adjusted employment figures printing a dismal 4.9 thousand jobs added, far under the expected 21 thousand and an equally unexpected revision of the previous figure from 17.5 thousand to -6.3 thousand.

The rest of the Asia session looks like relatively smooth sailing for the pair, but suddenly the Aussie and the Yen are competing to see who loses more, with the Yen already in retreat mode across the board and the Aussie now dropping in tandem.

AUD/JPY Levels to watch

With the pair falling back into yesterday's highs, the new challenge for bulls will be to mount resistance at today's new high near 83.85 with March's high of 84.50 nearby, with support pricing in from the last swing low at the 892.00 major handle and March's bottom of 80.50.