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AUD/JPY finds plenty of buyers after Aus jobs

FXStreet (Bali) - AUD/JPY has encountered strong dip buying activity following the release of a downbeat Australian jobs report, taking the exchange rate as cheap as 95.20 before a vigorous bounce to rest 95.50 offers.

Australia's employment change for the month of September came at -29,700 vs 20,000 exp and 32,100 last (from 121k), with the jobless rate coming at 6.1% vs 6.2% exp and 6.0% last (from 6.1%). Full time employment rose by 21,600 vs -79,300 last (from 14,300), with part time at -51,300. The participation rate was 64.5% vs 64.8% exp and 65.2% last.

Technically, AUD/JPY is bouncing off a confluent area below 95.00, with a weekly ascending trendline coming right at the same level as an important parallel support level, having prompted solid buying on Wednesday, which led to the formation of a sizeable bullish engulfing bar. On the upside, 96.00 is now the next target for the bulls.

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