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AUD/JPY bulls inspired by Australian job report

FXStreet (Moscow) - AUD/JPY retraced from Asian high of 98.34 that was reached following unexpectedly positive Australian job report; currently the cross is trading marginally above 98.00 support.

More jobs, stronger Aussie

AUD/JPY finished Wednesday with marginal gains. The cross managed to recover from the intraday low of 97.27 as JPY weakening took its toll. On Thursday AUD/JPY resumed growth and smashed 98.00 resistance that now turns into the support line. A big rabbit in the hat was the Australian job report that showed that the economy added the record number of jobs for a single month. The news pushed Aussie higher across the board, and triggered the upside correction of oversold AUD/USD. This development affected AUD/JPY. Now that the key risk events of today’s Asian session is over, the cross might switch to technical trading. As long as the cross stays above 98.00, there is a chance for further upside towards Asian high at 98.34 and then towards Tuesday’s high at 98.65.

What price levels and patterns have to be considered?

Current price is 98.12, dangerously close to a cluster of important technical levels (98.13 (Weekly Classic PP), 98.15 (Hourly 100 SMA), the next resistance is seen at 98.36 (Daily Classic R2), and followed by 98.56 (Monthly High).

Support below can be found at 98.10 (Daily Classic R1), 97.95 (Yesterday's High), 97.83/82 (Daily Open and Hourly 20 EMA respectively).

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