The AUDJPY pair, currently trading at a level of 93.4160, faces selling pressure as a result of a negative Australian employment report, causing it to reach a new low for the week.

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• AUD/JPY takes offers to refresh weekly low on downbeat Aussie employment report.

The pair currently trades last at 93.4160.

The previous day high was 94.29 while the previous day low was 93.64. The daily 38.2% Fib levels comes at 94.04, expected to provide resistance. Similarly, the daily 61.8% fib level is at 93.89, expected to provide resistance.

AUD/JPY slumps 50 pips on the downbeat Australian employment report for July during early Thursday. Adding strength to the bearish bias are the fears of the Japanese intervention to defend the Yen. The same joins sour sentiment to exert downside pressure on the risk-barometer pair, down 0.67% intraday near 93.35 by the press time.

As per the July month data from the Australia Bureau of Statistics (ABS), the headline Employment Change slumped to -14.6K on a seasonally adjusted basis versus 15.0K expected and 32.6K prior whereas the Unemployment Rate edges higher to 3.7% compared to the market’s expectations of once again witnessing 3.5% figure.

On the other hand, Japan’s mixed prints of Merchandise Trade Balance for July and upbeat Machinery Orders for June justifies the latest push to the Japanese policymakers to defend the Yen, which in turn weighs on the AUD/JPY price.

Further, the market’s risk-off mood, mainly due to the hawkish Fed concerns and fears surrounding China, not to forget the recently downbeat global economic concerns, also keep the AUD/JPY bears hopeful.

Alternatively, the Bank of Japan (BoJ) officials’ defense of the ultra-easy monetary policy and the recently firmer Treasury bond yields put a floor under the AUD/JPY prices. That said, Wall Street closed in the red while the US 10-year Treasury bond yields refreshed the yearly top to 4.278%. It should be noted that S&P500 Futures dropped to the lowest level in seven weeks by the press time and keep the Aussie bears hopeful of witnessing further downside.

Looking ahead, the risk catalysts will be the key to determining the near-term AUD/JPY moves amid a light calendar elsewhere.

A clear downside break of a three-week-old rising support line, now immediate resistance around the 94.00 threshold, directs AUD/JPY bears toward an ascending support line from late April, near 92.60 at the latest.

Technical Levels: Supports and Resistances

AUDJPY currently trading at 93.36 at the time of writing. Pair opened at 94.01 and is trading with a change of -0.69% % .

The pair is trading below its 20 Daily moving average @ 94.32, below its 50 Daily moving average @ 95.0 , above its 100 Daily moving average @ 92.72 and above its 200 Daily moving average @ 91.9

The previous day high was 94.29 while the previous day low was 93.64. The daily 38.2% Fib levels comes at 94.04, expected to provide resistance. Similarly, the daily 61.8% fib level is at 93.89, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 93.67, 93.33, 93.02
• Pivot resistance is noted at 94.32, 94.63, 94.97

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