AUD/JPY pricing in a floor ahead of Aussie unemployment

Aussie finds some bidders in quiet Asia markets with Tokyo closed.
Aussie Unemployment heading down the pipe for Wednesday.

Joshua Gibson FXStreet

The AUD/JPY Is trying to find some upward momentum in quiet Asia markets, currently receding after pushing into the 82.00 handle. Japanese markets are shuttered today in observance of Vernal Equinox Day, so market volumes are thin.

The Aussie has been struggling to develop any real momentum after catching a bounce from the new low at 81.25. Economic activity within Australia is picking up, but growth continues to miss expectations and the Reserve Bank of Australia (RBA) is expected to stand pat on interest rates well into 2019. The Japanese Yen has been gaining strength thanks to massive swings in risk aversion lately, and the market is coiling ahead of the US Fed's rate increase coming later today at 18:00 GMT.

The Aussie Unemployment Rate is due to drop at 20:00 GMT today, and market forecasts are calling for a 5.5% reading, holding steady with the previous reading of 5.5%. Aussie employment figures have been a positive spot lately, though suffocated wage growth is hobbling positive reactions to macro figures for Australia.

AUD/JPY Levels to consider

The Aussie is failing to make a steady move against the Yen, and support is currently sitting at Tuesday's swing low of 81.70 with further support from the fresh bottom at 81.25, while resistance rests at the 82.00 major handle and yesterday's high of 82.20.

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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