13.09.201808:08 Forex Analysis & Reviews: Fundamental analysis of AUD/JPY for September 13, 2018

Long-term review

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AUD/JPY has been quite impulsive with the recent bullish momentum after a bounce off the 76.60 support area which lead the price towards the dynamic level and 80.00 area. AUD has been positive with high impact economic reports today but could not dominate JPY as expected.

Today Australia's MI Inflation Expectation was published unchanged at 4.0%, the Employment Change report was published with a significant increase to 44.0k from the previous figure of -4.3k which was expected to be at 16.5k and the Unemployment Rate was unchanged as expected at 5.3%.

On the JPY side, today the Core Machinery Orders report was published with an increase to 11.0% from the previous value of -8.8% which was expected to be at 5.6% and PPI report was published unchanged at 3.0% which was expected to increase to 3.1%.

As of the current scenario, though JPY has been quite mixed with today's published economic reports, it managed to sustain the bearish momentum against AUD while AUD failed to show the impulsive bullish pressure in the process. As JPY manages to hold gains against AUD, it is expected to continue rising in the coming days.

Now let us look at the technical view. The price has been quite impulsive with the bullish gains recently which pushed it higher after certain bounce from the 78.60 area. As the trend is bearish, it is expected to push lower towards 78.60 area in the coming days after the Bullish Divergence helped to retrace higher. As the price remains below 80.50 area with a daily close, the bearish bias is expected to continue further.

SUPPORT: 78.60

RESISTANCE: 80.50

BIAS: BEARISH

MOMENTUM: VOLATILE

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