The AUD/JPY is dropping hard in the Asia session, punching into 82.20 after Australian wage figures missed expectations. The Australian Wage Price Index missed expectations with the quarter-on-quarter figure coming in at 0.5%, under the expected 0.6%, and the Aussie declined in the early Tokyo markets.
The AUD started Wednesday’s trading moving higher against the Yen following Japanese Gross Domestic Product figures that missed expectations as well, with Annualized Japan GDP coming in at -0.6%, a contraction from the expected 0.0%.
Industrial Production figures for Japan are up next at 04:30 GMT, with the month-on-month figure expected at 1.2%. Thursday brings Aussie employment figures, and all eyes will be on the jobs report at 01:30 GMT tomorrow to see if the unemployment rate succeeds in holding steady at 5.5%.
AUD/JPY levels to watch
As FXStreet’s own Omkar Godbole noted earlier about the AUD/JPY’s technical outlook: “The previous day’s doji candle indicates the rally from the low of 81.13 has run out of steam. A close today above 82.79 would signal resumption of the rally, while acceptance below 82.40 (50-day moving average) would confirm a bear trend reversal.”
Key resistance: 82.79 (doji candle high), 83.94 (April 19 high), 84.08 (April 23 high).
Key support: 82.40 (50-day MA), 82.18 (10-day MA), 82.00 (psychological level).