AUDJPY – Aussie Dollar Looking For New High Vs Japanese Yen23 November, 2016 by Aayush Jindal in Fundamental Analysis, Market Analysis, Technical Analysis
AUDJPY – Aussie Dollar Looking For New High Vs Japanese Yen
- The Aussie dollar climbed above the 82.00 resistance against the Japanese yen to clear the way for more gains.
- There is a major bullish trend line formed on the 4-hours chart of AUDJPY, which may act as support on the downside at 81.50.
- Recently, the pair broke a bearish trend line on the same chart at 81.60.
- Today, the Construction Work Done released by the Australian Bureau of Statistics posted a decrease of 4.9% in Q3 2016.
AUDJPY Technical Analysis
The Aussie dollar managed to climb higher versus the Japanese yen and closed above the 82.00 resistance. The AUDJPY pair remains in an uptrend and may continue to move higher.
The pair is trading higher and recently broke the 61.8% Fib retracement level of the last decline from the 82.59 high to 51.12 low. A bullish trend line on the 4-hours chart of AUDJPY acted as a support and pushed the pair higher.
On the upside, it looks like the pair may test the 1.236 extension of the last decline from the 82.59 high to 51.12 low at 82.94. On the downside, the pair remains supported near 81.50 and the highlighted bullish trend line.
Australian Construction Work Done
Today in Australia, the Construction Work Done, which measures the number of construction work done in the last month was released by the Australian Bureau of Statistics.
The market was aligned for a decline of 1.7% in Q3 2016, compared with the last decrease of -3.7%. The result was lower, as there was a decrease of 4.9%. The report stated that the “trend estimate for total construction work done fell 3.1% in the September quarter 2016. The seasonally adjusted estimate for total construction work done fell 4.9% to $46,147.8m in the September quarter”.
However, there was no major impact on the Aussie dollar, as the AUDJPY pair continued to move higher.
US Durable Goods Orders
Later today in the US, the Durable Goods Orders, which measures the cost of orders received by manufacturers for durable goods will be released by the US Census Bureau. The market is positioned for an increase of 1.5% in Oct 2016. If the result is positive, the greenback may continue to gain bids.