- The Aussie Dollar remains in a solid uptrend above 87.00 against the Japanese Yen.
- There is a crucial ascending channel pattern with support at 87.00 forming on the hourly chart of AUDJPY.
- Recently in Australia, the Employment Change figure for July 2017 was released by the Australian Bureau of Statistics.
- The outcome was above the forecast, as the change was 27.9K, better than the forecast of 20K.
AUDJPY Technical Analysis
The Aussie Dollar made a nice upside move from the 85.50 swing low against the Japanese Yen. The USDJPY pair traded above a couple of important resistances like 86.00, 87.00 and the 21 hourly simple moving average.
The pair remains in a solid uptrend and currently following a crucial ascending channel pattern with support at 87.00 on the hourly chart. The pair recently traded as high as 87.47 and currently correcting lower.
On the downside, there is a major support area forming near 87.00 along with the 21 hourly simple moving average. Buying dips towards the 38.2% Fib retracement level of the last wave from the 86.34 low to 87.47 high at 87.04 may be considered in the near term.
Australia’s Employment Change
Today in Australia, the Employment Change figure for July 2017 was released by the Australian Bureau of Statistics. The market was positioned for a change of around 20K, compared with the last 14K.
The actual result was above the forecast, as the change was 27.9K, better than the forecast of 20K. The last reading was also revised up from 14K to 20K. The Unemployment Rate moved down from the last revised reading of 5.7% to 5.6%. The report added that:
Unemployment increased 1,100 to 730,600. The number of unemployed persons looking for full-time work decreased 3,800 to 496,400 and the number of unemployed persons only looking for part-time work increased 4,900 to 234,200.
Overall, the AUDJPY pair remains in the bullish and might soon retest the last swing high of 87.50.