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15.11.201809:37 Forex Analysis & Reviews: Fundamental Analysis of AUD/JPY for November 15, 2018

Long-term review

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AUD/JPY has been quite impressive with the recent non-volatile and impulsive bullish pressure which led the price higher toward 82.00 with a daily close. The positive reports on Australia's labor market helped the currency to gain momentum over JPY which has been struggling due to lackluster economic data.

AUD has showing predictable dynamic amid better-than-expected data which lead to certain gains on the AUD side. Today Australia's Employment Change report was published with a significant increase to 32.8k from the previous figure of 7.8k which was expected to be at 19.9k and Unemployment Report was unchanged at 5.0% which was expected to increase to 5.1%. Moreover, RBA Assistant Governor Debelle expanded on the housing lending issue when he spoke about the repayment problems of borrowers. So, he suggested certain policies to reduce future shocks due to lending and monetary policy issues.

On the JPY side, recently Prelim GDP report was published with a decrease to -0.3% as expected from the previous value of 0.7% and Prelim GDP Price Index also fell to -0.3% from the previous value of 0.0% which was expected to be at -0.1%. On the back of finance sector issues, JPY is expected to struggle further until decent economic data is released in Japan.

Meanwhile, AUD is expected to continue dominating JPY further in the coming days amid the fundamental strength, while JPY is struggling to maintain the momentum. Until Japan comes up with better economic data, Australia's positive employment reports provides AUD with solid support in the coming days.

Now let us look at the technical view. The price is currently residing above 82.00 area with a daily close while having certain retracements along the way. As per current price action context, the price is expected to push higher towards 83.50 area in the coming days. As the price remains above 80.50 area, the bullish bias is expected to continue.

SUPPORT: 80.50, 82.00

RESISTANCE: 83.50, 85.00

BIAS: BULLISH

MOMENTUM: IMPULSIVE and NON-VOLATILE

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