AUD/JPY - back above 76.4% Fibo after Aussie data

AUD/JPY cross moved back above 79.42 levels (76.4% of Brexit day high-low) afer the Aussie data confirmed a rise in the jobless rate as expected.

Rebounds from 78.96

The cross clocked a low of 78.96 as Aussie was being offered earlier today in anticipation of a rise in the unemployment rate. The data released a few minutes back did show a rise in the jobless rate to 5.8% as expected, which triggered unwinding of AUD shorts.

Consequently, the cross jumped to a high of 78.69 levels. Further gains failed to materialize as employment change at 7.9K was slightly less than the estimated number of 10K.

Meanwhile, bid tone around Yen ran out of steam as well on hopes of Japanese fiscal stimulus, which further aided the recovery in the AUD/JPY cross.

AUD/JPY Technical Levels

The immediate resistance is seen at 80.00, above which the cross could attempt a break above 80.35 (July 12 high). On the other hand, a breakdown of support at 79.42 (76.4% of Brexit day high-low) would expose 50-DMA of 78.44 levels.