The price in the AUDJPY has rotated down today, but found support buyers against 100 hour MA and trend line support (see hourly chart above). This is bullish for the pair.
The move off the low for the day, now has the price back toward the closing level from yesterday at 82.94. If momentum can be developed above this level, the next topside resistance comes in at the high for the week at the 83.219 level. That level also corresponds with the 61.8% of the move down from the March high (high for the year) at the 83.202 level (see daily chart below). A move above this level should trigger stops.
On the topside, a break of 83.20/210 targets:
- 83.56 where the topside trend line of the hourly chart is found (connects most recent highs – see chart above).
- Channel resistance on the daily at 84.20 (see chart below).
- The 84.78 level was a high ceiling in April and also a low support from March (see chart below).
On the downside, the burden is on the sellers to push the price below the 100 hour MA (Blue line on the hourly chart) and trend line support currently at the 82.63 level (and moving higher). The holding of the levels earlier today, should increase the importance of the level, with a break likely to trigger stops. Below that level comes downside targets at:
- 82.34 is the 200 hour MA (green line in the hourly chart).
- 81.808 is the 38.2% of the move up from the July 25th low (see hourly chart).
- 81.56 is the low from August 1 and August 3rd.
Later tonight the Australian Unemployment report will be released with the expectations for a 10 K increase in the Employment change. The Unemployment rate is expected to rise to 5.3% from 5.2%. China will release CPI data with YoY expected to decline to 1.7% from 2.2%.