The pair continues falling amid a large number of macroeconomic publications in Japan and Australia.
The Yen was supported by strong data on the Japanese GDP. In the first quarter of the year, the index grew by 1.7% that substantially exceeded forecasts of economists of a 0.2% growth. At the same time, the Australian Dollar was pressured by weak data on the labour market of the country. The Employment Change increased by 10.8 thousands, which was worse than expectations of experts who predicted a 12.5 thousands growth, and worse than the previous figure of 25.7 thousands. However, the Unemployment Rate did not show an expected increase and remained unchanged.
Support and resistance
on the is turning horizontally while the price range is narrowing. is growing and giving a weak buy signal. turned sideways near the middle of its range.
The indicators recommend waiting for clearer trading signals.
Support levels: 79.20 (local low), 78.62 (16 May low), 78.16 (6 May low), 77.57 (11 February low).
Resistance levels: 79.52 (local high), 80.00 (psychologically important level), 80.34, 80.64 (11 May high), 81.00, 81.60, 82.00 (29 April high), 82.45, 83.00.
Long positions can be opened after the price consolidation above the level of 80.00 with targets at 81.00, 81.60 and stop-loss at 79.50. Validity – 2-3 days.
Short positions can be opened after the breakdown of the level of 78.62 with targets at 77.57, 77.00 and stop-loss at 79.20. Validity – 2-4 days.
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