Recently, AUD/JPY has been in a volatile corrective structure. Yesterday, despite positive reports from Australia AUD could not dominate JPY. Australia released Employment Change report which showed an increase of 37.4k, much better than the forecast for moderate 4.5k growth. Besides, Unemployment Rate declined to 5.7% from 5.9%, analysts projected a flat reading. On the other hand, Japan had positive Prelim GDP at 0.5% which was expected to be at 0.4% and negative Prelim GDP Price Index at -0.8% which was expected to be at -0.7%. Amid mixed economic reports from Japan, JPY dominated AUD despite upbeat economic reports yesterday. This resulted in an indecision daily candle, but in the coming days AUD is expected to climb up higher against JPY.
Now let us look at the technical chart. The price is currently under the important level of 82.90 while filling up the French Election GAP yesterday. At present, a bullish move is expected in this pair if the price closes above 82.90 with a daily close. We will target 84.50 as the first target and 86.10 as the second target for the bullish trade. The bais will keep the bullish bias until the price takes out 81.50 with a bearish daily candle.
The material has been provided by InstaForex Company – www.instaforex.com