AUD/JPY rallies hard to 83.60 as Aus jobs report surprises positively


The Australian dollar witnessed aggressive buying pressure following the release of stellar Australia’s labour market report, driving AUD/JPY sharply higher above 83.50 levels.

AUD/JPY regains 50-DMA and beyond

The ongoing recovery in AUD/JPY received extra impetus from an upside surprise delivered in the Aus employment data, which came in upbeat across most major indicators, against expectations of a minor correction, especially after two strong reports seen in March and April. The AUD/USD pair leaped to highs near 0.7630 in a knee-jerk reaction to a much-stronger data release.

Australian May employment much better-than-expected

On the JPY-side of the equation, the USD/JPY pair continues to trade modestly flat amid latest Trump headlines, providing little impetus to the cross. Meanwhile, the USD index attempts correction after hawkish Fed hike-back solid rebound.

Focus now shifts towards a fresh batch of US macro news that will be reported in the NA session, before the release of the BOJ monetary policy statement in the Asian session tomorrow.

Technical Levels

Higher side: 83.48 (classic R2/ Fib R3), 84 (psychological levels), 84.24/27 (100 & 200-DMA)

Lower side: 81.92/91 (key support), 81.71 (multi-week low), 81.43 (Apr 19 low)

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